Financial Times , 1982, UK, English

^hn.

JAMES &TATTON

for

Steel Sanrice Cense

RO. Bat No. 5, Bany HH Road, Slnto-on-lent. ST42NQ
■fetSmkfraMwt (0783271117 Wee 36381
A Member nf fee loogton tariusvialHoidBgs Smqj .

PUBLISHED IN LONDON AND FRANKFURT

No. 28,847 . . Tuesday August 10 1982 *** 3 .op

CONTINENTAL SELLING PRICES: AUSTRIA Sch. 16; BELGIUM Fr 38; DENMARK Kr6.5% FRANCE Fr 5.00; ' GERMANY DM2.0; ITALY L 1.100; NETHERLANDS FI 2.25; NORWAY KrG.OO; PORTUGAL Esc BO; SPAIN Pta85;

<uf*

Bryant
Properties

EtOPM E N TS

SWEDEN Kr 0.OO; SWITZERLAND Fr 2.0; EIRS 50p: MALTA 30c -

Of

U.S. Prime
Rater. J

GENERAL

BUSINESS

BY KEVIN DONE AND STEWART FUMING IN FRANKFURT

Six killed
in Jewish
quarter
of Paris

Equities
fall 8.4;

AEG - TELEFUNKEN. the ■ 8 1 ,

<;f»rrmd-hi ao est West German O Early 1970s: - AEG -Tel efuaken in financial trouble after

^ . °° . . ... r 1 .... lu.u 7 .r> ..M r.. TO TO

survival:

abroad, must be persuaded that

electrical group with sales of nuclear power- contract losses. I^ast dividend paid for 1973 core operation in capital goods, will provide the further- support

Herr Dflrr' hopes to keep a a divided banking consortium

Sterling fcfel

ASftlESl JaM

TUT CWl >4

around 60,000.

week with its foreign bankers

DM 15bn (£3.5bni annually, was business year. Management res buff led. which in Its reorganised . form AEG desperately needs,

forced yesterday TO apply to the • September 1978: Siemens takes on nuclear losses, buys AEG could have sales of DM8bn Herr DUrr said the company
courts for a settlement with its stake in Kraftwerk-Unwra. Nuclear !®sses cumulatively reach worldwide and a workforce of would open talks later this
creditors, which include banks, about DM Ubn. ’ . around 60,000. week with its foreign bankers

holding at least DM 5bn of •Mier BA™* Geimau »> rgene, after In i.he^^g

The group, again fadog heavy DM 930m to ^M aOpi. Top management replaced. appears to have^acce-pted decUned to disclose how much

losses this year, said yesterday • Spring 1981:. AEG searches for Joint venture partners. Video .SThWSoWi LriSS the overseas banks are owed.
^ »o longer able w meet, deal signed ^ or ■

In its heavily loss-making with a view to drawing them
consumer goods operations AEG * n t° the rescue process, but he

aTYI ' /\- ■»- - riiiiwMfe - — • v\nr oi/i m i ftonc * uuxe \ r vci a auajuiLty iulucbi. IIITUIC 1

ATT I) 77 J^So b ba^ ny wbteli W ^ •December 1981f Disposals bring in DM 700m cash. ““S"? ^ .pursue proced

^11 U •Am / -gSJfgL ^Xecrof • May 1982: GEC said to be interested in taking stake, after “ff^tions wth Grondig over courts,

fa c in g toe prospect oi loan “ , dDth . ^ h , h *eg nwnlv seeking new Minifv the rescue of its Telefun ken The

" • • •' jr?12r“JS?b£ confer e!«cm>n.i« business, ment

?- QU FK J*? e ™! ow ? red ELS^e-m tLoorinTbaSk- dependent on banks’; union and government support. fn J! J£ tal £5f*

its flTrifcrwial obligations.

Among the first sectors to be

September 1981: link with Bosch in telecommunications. .. ■ — «~ T —- - -

October. 1981: AEG seeb frrah b»K rapport. writer off * fcjj "■ Z£gL'S£E_ iS^.^SLSS t T‘ ““

-the household appliances sector
cannot be saved without outside

The unpredictable reaction of

to take over a majority interest, further complicate the rescue
It will continue to pursue procedure in the West German

A group called Direct Action, - write-offs probably in excess oi

which police believe has Middle # EOUZTY dealers lowered DM 2bn in a year which has
East connecUons, claimed - res- pr j ces leadin<r shares in a already seen corporate bank-
ponsibility for the shooting at a *oSSSrSl attemDt to ruptoes. surge by. 40 per cent.

Pane mlinnnl uKinlt- InlKul largely SDCCesaul aliempt TO f. i ~ T1, 7a... Aim.

the rescue of its Telefur ken
consumer eV:tronl<s business.

The move to file for a settle-
ment with creditors followed

7 Banks' Base

yfor Rate'* "

-..5=1 Si L — L_J 1_J

1977 ’78 79 '30 81 '82

Its vital telecommunications AEG's discussions .at the week-

Jnly 1982: Plan ’stalled despite government emergency aid. KJEf 8 ^ already JESPF end with the Federal fi “ ance
..ndiv wiiiiwr hmr rnnenmPr pWtrnni^ Hhricini. TinitMi mved o«> now expected to and economics ministers. Bonn

„ . - . __ . , . . T .„ J joiKuy auccvssiil attempt to t«v hnr rnnsiimer olpr(mnfp« dhdcfnn Tin it pH 1UV ™ are now expected to ana economics mmiscers. i30nn

s r—” IJm,ed ^^jssMga

and wounded 12. economic ^othwk at home and rupticy ^ persuadmg creditors

Two men entered the Jo , th TT - to write off ait least 60 per cent in anticipation of the company’s next two -to three days and how

Goldenberg restaurant near the S d “ e of their claims. move. the public reacts,” Herr Hein

Place de. ]a Bastille, nosing as ' £hw» -nrlrp^ nltmsed in rpn«»rfMissif»ns of the Durr_ the enmnanv’s chief

deter nervous selling. The -'
market was concerned about the 15
economic outlook at home ami PP^T.

Mannesmann.

DM 600m loan guarantee for

Place de la Bastille, posing as
lunchtime customers, threw a ^
grenade and sprayed diners and _ '

Crucial to the success of export orders,
of thear claims. move. the public reacts,” Herr Hein AEG’s new course will be clear Bonn has steadfastly turned

Share prices plunged in The repercussions of the Durr, the company’s chief commitments from its bankers H 0 wn a direct state holdin
Frankfurt yesterday following massive restructuring of AEG’s executive, said yesterday, after to pump in new loans to finance

the decision to suspend trading financial and commercial informing Herr Helmut its operations through the next Con turned on Back Page

staff with pistol bullets. They JSXZ J'Z.'ZS in AEG stock and the D-Mark obligations that must now take Schmidt, - the Federal Chan- 18 months,

then walked along the street *? *®?“f sSomped further against the place are unpredictable. cellor. about the latest stage in Trade creditors.

Dow Jones
drops 10
points

cit ws rrrrrwvnA I the decision to suspend trading financial

GILTS gave more ground . sier . T *_««■£

^Jsmrsst

cars and drove off as police p ® ge ^4- . “ . ■

customers

Much will depend on the AEG’s protracted struggle for and suppliers, at home and

Continued on Back Page
Telcfonbau treads an uncertain
road. Page 18
Lex, Back Page

By Paul Taylor In New York
and Max Wilkinson in London

arrived. Page 2

• DOLLAR dosed up at
Lphflnnn DM 2.5X8 (DM 2.5), SwFr 2.1475

■.epa.no n anacKS (SwFr ,.131 and Y262.1

Israel launched further fierce <Y260.4). .Trade weighted'

air and artillery strikes against index was 122.7 (13L8). Page 24
Palestinian positions in West

Beirut and central' Lebanon. 0 STERLING fell 1.25c to JL7,

Diplomatic efforts continued to bat firmed tb DM 4.285 . (DM
he hampered by the question 4 jg) ^ gwFr 3.655 (SwFr

Renegotiation likely on part
of Mexico’s private debts

Health service strike
patchy, says DHSS

of where the Palestinian 3.65). Trade weighted index was
fighters would go if they left 90.7 (9r.l>. Page 24

BY ALAN FRIEDMAN

the Lebanese capital.

Ulster violence

90 7 (9riTpace24 BANKERS INVOLVED in Jend-

30.7 (9L1). Page ^4 ing to Mexico were yesterday

a rnm f«n cm mm b « n bracing themselves for the re-

• .2S® - fcU negotiation of a significant part

London. ^ In New of s (he private sector

, Hum PoOalS

Hundreds of petrol bombs were Comex Angnst close was $335J debt faUs due in lhe nexl

MEXICAN PESO

: ipmttfn DOLLAR

BY DAVID GOODHART. LABOUR STAFF

called “limitations of foreign

credit available to Mexico.” This THE FIRST of five days of Keys. Mr John Mitchell and

THE WORLD'S financial markets
shivered yesterday as renewed
squalls of pessimism blew
across the Atlantic with a sharp
rise in dollar interest rates and
a continued fall in U.S. share
prices.

The Dow Jones industrial
average share index lost
another 10 points by lunch-
time, after Friday's steep
plunge, to reach 774.54, its
lowest level since April 1980.
The index has fallen almost 50
poim* in less than a week,
because of investors’ continuing

rate

tple

y. 1

I :botr
iendt
, tar
1 ipJon
’that

less
! ! sur
; its d

I , ®w

had put ' “unsustainable” pres- planned intensive industrial Mr Owen O’Brien, five officials worries about the U.S. economy

sure on the peso.

action in tne Naiional Health of the NGA t including Mr Joe 3nd the irond of interest rates.

In Mexico City, New York and Service yesterday produced Wade, the general secretary.

London, Eurodollar

thrown at police, cars set on- (5344.5). Page 21
fire and buildings destroyed as * _

12 months.

As much as half of the

* DEVALUATION

London yesterday, international a P a *chy response from and Mr Sean Gerahty of the interest rales rose sharply. The

RemftiicaiM Tn Northern • COPPER prices fell sharply **

Ireland marked the ^eV^nlh InLondon on speculativeselltag SSriertwdrtS 0 is^Sjcted
anniversary of the introduction triggered by pessimism about g 11 ^ SJtto ’pSH

bankers said that several health workers, according to the EPTU. ihree-month rale was up is

Mexican companies would not Department of Health and The 1,000-strong London point from Friday, at 13 per

be able to service their debt as SociaI Security. Press branch of the Electrical, ccm. In the currency markets ■

a result of the new floating The inaj n health unions, the Electronic, Telecommunications the dollar touched record levels

of internment without trial
phased out in 1975. Help- for
bombing victims Page 5, KUC
men expelled Page 5

Corsican result

Corsican nationalists took 13
per cent of the vote in- elec-
tions for France's first home-
rule assembly for the island,
giving them eight of the 61
seats and the balance of power.
Page 2

Fast broken

Soviet hunger striker Yuri
Balovlenkov broke his 36-day
fast after his American wife
lied to him, saying the authori-

Bankers said yesterday that a
sizable portion of this maturing
debt may have to be
renegotiated, following last
week's introduction of a two-
tier foreign "exchange system.

The problem, facing the
private sector companies is that
under the new system a

a result of the new floating Hie ina*n health unions, the Electronic, telecommunications 1 the dollar touched record levels
exchange rate for principal National Union of Public and Plumbing Union voted to I against the Italian lira and the

repayments. “This will force Employees and the Confedera- back a 24-hour stoppage. Union I French franc. It drove sterling
several companies to reschedule tio “ of Health Sen-ice officials were meeting last night I below ?1.70 at one stage in

their debt ” explained one Employees and the Confedera- to decide their next moves in London, for the first lime since

banker. ,ion of Health Service view both of the injunction and December 1976.

nf i ht . Employees said that with the the Sogat announcement Sterling recovered a little in

majority of hospitals were Last night Cohse said that, the afternoon but closed in

, , 3 j „ . wl the majority of hospitals were Last night Cohse said that, the afternoon but closed in

?? t S tISH«5i reduced to accident and emer- while the union would have London V\ cents below Friday’s

MonetJS F^rnd fn Se St few gency cover ' welcomed the support of prim London close, al $1.7000.

rate.‘ S subridised sector an ^ not 10 dence *' \o ite^Mdere t0 wdlh 0, fu evri taiTniht^Sed^ ptem SteVproduJk^ ^ tem 'of J h «^end”of U.S^nS“t mS2

by- the Mexican Government, pr ?. n ci«fi‘ mmnan .- Be tmF seal of aooroval for its for industrial at I ion tomorrow. 0 m tenUs of frustrated for the time being

3 1 s-ssysi*- & st for iUi twins' zr&ssm • ^ ^ sgss * zss

I 5 TSS tta 5 SSSiiit W to 2 “. 2 S w . e ” S! f0 ^ “ 1 ? srcwrt.i^wqamnt hrt Ch n ,u!Lj !fti? I" J’ i S "*™ 0 half-polin rat in the clearing

Oasisgl 'SrS?^ "sime eomp«nies,wm, find IMF seal of approval for. its ^arsu^ort.

iSS.f'UK themselves in a tighter situation ?«sienty mefasures. - it®* 1 ® - Mr -Spanswick

•n>n»vmpnt bv lu '-j oa.u Sr Gurria refused to comment

■ debtors of Sr Gurria - But lle said , Tfae on whether Mexico would go to

unter-productive in terms of frustrated for the time being
ipular support, the Bank oi England's cautious

Mr Spanswick later hinted efforts to engineer another

private

interest.

which had been expected 'lo . ***fJm.«* J , ^ eCorti 10 « n 8*"«r another

halt national newspapers, after I”® ,? tL hali-pomt cut in the clearing

request from Cohse General com -P r omise. It is i the Gmern- bank's .Ixise lending rales.

the U.S. economy. Higher-

The repayment of principal'
by private companies will have

government had received signs the IMF. He said the introduc- c e crefarv Mr Albert Knanswirfc mint's refusal to negotiate on
from banks that they were tion of the two-tier exchange jj r j 0 y,n Mitchell, secretary of details of our claim that is

jf the
should

ties had promised he could eml- J

grate if he resumed eating. *** at £809 - 5 - Pa ^ 21

* V_ - v * to bp made at the new freelv isanjvers snouia De reiievea

grade cash. ropper was down that the decision to introduce

“Bankers should be relieved measures we have taken.”
at the derision to introduce " What we need is the time

, . ^ ai* «l Ufiii Dd.it uiicu, arucimv m

“SHft 1116 Sogat’s London machine branch. pr ^L in l?l e

London money-market rates
responded to the strength of
the dollar. The three-month

stood at between 77 and 80 a r vvo ' tier s >’ 5tem WAS taken, necessary for these measures

£2 a slave

m WA T T ctrfft wn« a qc mkh i 0 on- US dollar a relieved that tnere is a Dite.v ne said. \ U “‘““ J U3 >•«“ western regions, ou per cent

down af77»S^Sr to? Social] onof moreSian 35 rationalisation of th- exchange Quoting a speech over the obtamed an injunction to halt of 150 of the major London

Vaw.zo 779 . near Uie .® ose ' si Thursday. ra * e and relieved we have built weekend by Sr Lopez Portillo, * ct i? n ‘ T at P” vate hearing area hospitals were reduced to

bite,’’ he said.

Five pesos i£2) 'is the going Page 22
rate for Haitians captured and _

per cent since Thursday. , ra ‘ e an a reuevea w e have built weexena oy i
The Mexican government a buffer against the outflow of the outgoing
will make use o ftbe preferen- dollars from Mexico.” he added. Gurria saic

said. Health union spokesmen said interbank rate was up 1* poinC

_ , ,, yesterday all hospitals in the a t 11? ner cent The Bank left

Earlier the Newspaper Yorkshire. Northern and North j t I- deahrnr rateJ unchuieed

Publishers’ Association had Western regions. SO per cent aftt . r 4ries of small cuts
obtamed an injunction to halt of 150 of the major London f. lv[ Lr tasf w^k 1

♦ lira nratinn a t o nrii.at* Viaanno , ] i CiU UL l JJM Wll-h,

president, Sr before Mr Justice Leonard. Lord emergency cover,
that ' three ^ ai ^b. the chairman of the The unions say the 10.3 per

The London equity market
responded to ihe generally

group on slavery heard in
Geneva.

HUNGARY

increased

debt stands at around $60bn. - currency speculation which tier system. President Lopez sympathy action

be ments on health workers' pay

Sr Angel Gurria, the finance involved a massive outflow of Portillo said that if Mexico had illegal as, following the 19SQ had inflamed feelings. “

rannihalicm /«Qca fares and food prices sharply, ministry official responsible dollars. Mexico’s public and done nothing and continued to Employment Act it was no Union estimates of the effect Inflation fesrs renewed, Fagi
LdnniDciiibm Cdoe Page 2 f or Mexico's external public private sector foreign debt totals finance the purchase of dollars longer covered by immunity. of the action were disputed by Banks cut mortgage rales.

Continued on Back Page
lation fears renewed, Page 6

A 3S-yeaM»ld Pole accusril of m TI5! /-ovfrnmpnt fcas debt confirmed last nigbt that' $S0bn. The Mexican financial for the repayment of foreign

murder and cannibalism of a the Mexican directive on the crisis has been compounded by debt, it would have been head-

23-year-old woman has com- hew two-tier system referred what Sr Jesus Silva Herzog, the ing for a default.

mittraH ciriririo tnvc thra Pniich consiaer rne recent steel pacr — ' - - - ■ _

The NPA had sued three many regional health authori-
offidals of Sogat ’82, Mr Bill ties.

Page G

Money Markets. Page 24

mitted suicide, says the Polish * “ ^ nL .wr only to interest repayments by Finance Minister, last week

W W S :

Editorial Comment, Page 12

being detained. *

Bishop wounded

• BANK OF CHINA, Chfinas
iniernational . bank is to pay

The head of the Anglican HRjSlbn (£96.5m) for a new
Church in Uganda, Archbishop local headquarters site in cen-

Rise in prices to industry slows

Silvanus Waul, was shot Y and tral Hong Kong. Back Page
wounded in the thigh , by rob-

BY MAX WILKINSON

THE ANNUAL rate of increase

bers 'who took his car in the ® p^ALY has imposed new con- of p r ice S paid by industry for -
centre of Kampala. ? ■ 011 . foreign-based subsa.- ^ supplies fell to 5 per cent

_ diaries of Italian companies. last month, according to official |

LOSt if! SpSICG “ fipurpe issued vesterday.

trols on foreign-based suasi- ^ suwKes fell to 5 per cent
diaries of Italian companies. Iast mon th, according to official

A United Nations conference •’1(3 is investing £32m in its

figures issued yesterday.

The index for the wholesale

psmntq* etange
db t*bt Mrtur

intended as a demonstration of U5. piastic fifcm business. Page I price, of mafteiiafls and fuel

MV MATERIAL
nimmrcs

technological wizardry in outer
space hit trouble at Its opening

bought by manufacturing
industry rose by only } per cent

when live messages beamed by •- CITTES SERVICE. U.S. oil between June and July to 244.7
satellite from the presidents of 9?*2P any ’ sueti (1975=100).

Sri t.ariifa and Brazil went damages after Gulf This increase was due mainly

astray on their way to Vienna, dropped its £2 ; 9bn takeover bid. to the higher sterling price of

Back Page crude oil which resulted from a

Channel junior _ in 1116 average value of the

7";,; - LOREA ^L BeHa st factory against. the dollar during

Jason . Plpoly. an ll-yearold rescue .consortium plans to th^month
Denver twy. will attempt to m^ke a^qew product alongside .| owever ; aanual ^ of

the - sports Page 5 • increase in Ihe index in the 12

A^I la ^hoofnif^S tecome • ABBEY NATIONAL’S seven- months to July was f percentage

3je^oimnest h neremL ?ver^o do day account ^ attracted about Point lower than in the 12
tne youngest person ever to ao fioom jtg August 1 launch, months to June, at 5 per cent.

50 - Page 6 • This low rate of increase of

1979 1980 1981

point lower than in the 12 cent by the end of the year,
months to June, at 5 per cent. Industry's input prices are

below the average for the first
three months of the year and
13 per cent below the average ,
for last year.

Yesterday’s figures from the
Department of Industry showed
that the annual rate of increase
ol UK manufacturing industry’s
wholesale selling prices
increased by i point between
June and July to 8J per cent
Nearly half this increase was
because of the effect of price
increases for petroleum pro-
ducts recorded in June.

The wholesale price index for
manufactured products rose !
point from June to July to 24L1
(1975 = 100). The index rose
by 3} per cent in the six
months to July. |

liNPi

IWBfegSBS

The wild West

This low rate of increase of increasing at a lower rate partly
industry’s input prices suggests because of the continued weak-

£ in New York

COMALCO, Australian I that the annual rate of con- ness of international commodity

A poifee helicopter was helping aluminium producer, reported sumer price inflation will con- prices. Figures from the Inter-
search for an aaimal resembling first-half net profits slashed from timie to fall The retail price national Monetary Fund show

In the increasingly competitive more fl exible and accommodating;

health insurance marker the growth We’d rather fit a specific scheme

fate nfPPP r emains healthy And we .to your precise needs than find the
have achieved this not by lowering best compromise from a fixed range

a puma seen by farmer Boy. A513.52m f£7.69m) to A$4J28m. I index in June was 9.2 per cent that the average wholesale price

Bragg on bis land at Me, near 1?
Exeter. - v T2iere. have been ' - m rA1tl
sknilag reports in. the area., .

commodities,

. to £2.63m ; . Page 14; Lex, Back
Fom-stsf ' wtrid prifce will be Page J r

v«ge 19 - up on a year before and the in dollars of commodities, i ^ th b.0'3.0.06

• riiRmrvnM wivEtLA Government is now predicting excluding oil fell in June. It 3 montnjo.58-o.62
?e I gfSa N nSrar 1 V Sf^'. r,« wUI be down » 7i per dropped to aboir 7 per .cent

half pretax loss from £3.02m AAUTPMve

Spot js 1.7045-7066 8 1.7160-7175
I month 0.03-0.06 pm'0JJ3^J.06 pm
3 monthsO.58-0,62 pm 0.S4-O.57 pm
& monthBi3.85-3.95 pm, 3^0-4.05 pm

CONTENTS

r. "Prge'fi

Sir - ^hbinlis _ Waterlow,

© TRANSPORT Development
Group ' lifted pre-tax profit

Radioactive waste; difficulties of a
decent burial 12

Commercial Jaw: damages for lost option
to buy ship 11

.our standards or increasing our

pr emiums unduly

\S5klike tothmk iris because the
service we offer is right.

Our range ofp!ans.is right And the

of plans.

If you are starting to have
second thoughts aboutyour company
medical insurance, return the coupon
today.

We will immediately start shdw-

prominerui; Scottish . business- from £7.l6m to £8.0lm in the

firet'lialf.- .Page 14 ..

. .

U.S. pharmaceuticals: the big switch in
R and D 13

Editorial

assurance

comment: Mexico;

price is right vve will immediatelystartshdw-

TO may not be the largest health ing you how and why PPP really is
insurer but, being smaller we can be the healthy alternative.

QWEFjFRiCf CHANGES YESTERDAY

Dwek : -9' +:2i
Kenfl Sjwdex. : . , ..-'^75 +' 12:
Mchster, S&lplQfuial ?Z +_ 10

.si * e

TPKwny'i^^Bgf am r - i *•

BICC
BOC .

Bfteriiatn
Blue
Cablet
Cater^tea
: Ghiaa: -- .v^z.

Sssrahtt^L...tg;

unless otherwise- indicated)

ES • Fisons • 358 — 7.

-9' + 2i Gran'd MeL ............ 237 -6

,,.;'-17S +' 12: .Horizon Travel ...... 181 — 7

naT'72 + 10 Etuiciuson Whampoa 180 — 18

& * 6 1CI 280 - 8

LS ; . imperial Group 91-5

} * Jardni&Matheson -.- 150 — 13
^,£95 y ~ 4 • Jartine- Secnritiefl... - 112 — 18
5 :ul Holdings : 285 - 10

— fl • Notts. Manfctrng. 172 — 6

— 6 - . P' * O Defd. 144 - 7

10 Tarmac -816 “ 10

rr 8 ' Thonj EMI 408 .* 9 .

■L-IO. UnJcm Discount 465 * 7

— 18 Anglo Amer. Gold £321 i
'^11 <vF- of Sth. Africa £31£- — |

Reaganomics: Martin Feldstein risks his
reputation 4

Lombard: James Buchan on West
German relations with Israel 13

^Management: making progress with new
companies — . 10

Technology: City of London Poly's super
chip 20

Amarfout Mom ... 4

Appointments - — 19

Arts — - 9

Base RstM 26

FT Aecuarisa

Foreign Exchanges
Gold Markets

Overseas News ... 3

Racing 11

Share Information 26. 27

Unit Trusts;

Authorised

Others

Commodities ...
Companies UK

.Contracts

Crossword

Entertain. Guide
Euromarkets

Euro Options ...
European News .

10.11

Leader Page

12

' Stock Markets:'

World Trado News

4

21

Letters

13

London

23

World Value E

23

14-18

Lo*

a

22

INTERIM STATEMENTS

IB

Lombard

13

Carrington Viyella

15

9

London Options ...

16

Technology

20

Martin Ford

15

9

Management

10

TV and Radio

11

Hlglweld Steel . ...

16

17

Men end Matters .

12

UK News:

ANNUAL STATEMENTS

IB

Mining

15

General

E. 6

Initial

14

2

Money Markets ...

24

Labour

8

Fen church Ins. ...

IS

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I Msdical i

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[ TVc had sccrmdibmiriliisalviutniy company mefficri f
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F.T. I
F.T. <
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Labor
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The .
by the I
Gmrerni
big .Tat
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Pancont
and Gel

They* 1
week,
claimed
tial repi
the No:
partmen
suggeste
Jabiluka
prospect
potentia
has been
tic to sa
It was
Austral it
uranium
priced at
pound »
prices ar
this in ;
like rem:
years to

1 Jabilut
pacts at
the part
arrange a
of Gnverr
mining p
not meai
was unat
in the sl

Mr Tnt
’anconnn
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rommenf?
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tbiluka ■
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irkel.

Sign idea
rtinenta
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Europ
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nevitabl
.p.o.ssjb

: Financial Times

EUROPEAN NEWS

Italy tightens rules
for foreign bank
holding companies

Gunmen kill
six in Paris
Jewish
quarter

BID TO REDUCE STATE SUBSIDIES

Hungary brings in another price rise

BY PAUL LENDVAI IN VIENNA

party newspaper Mta.

BY RUPERT CORNWELL IN ROME

By David White in Pari*

IN THE wake of the disastrous domestic credit restrictions.
Ambrosia no affair, the Italian But recent cases, observed

Foreign Trade Ministry y ester- the Ministry in a clear refer-
day announced a tougher set of ence to Banco Ambrosiano, had
rules governing the establish- proved that the device could be
meat and operation of foreign- ' used to get round existing cur-
based financial holding com- rency regulations, with conse-
panies controlled by Italian con- quenees “against tbe national
cents. interest." ■

JiiSJlfiS? jfi Italian compiles with such

operations will now

^.o present to the Rime
1*1? euthoriliea. anti com- authorities detailed annual

pci much greater disclosure of Q IbeMs. certified by
information. Companies invol- QlIa i Sfietl accountants of

f ,OCOmPly ffiST 1 hoSS" impanel

with the regulations. Thie u,ni don mni

rv:,i7i This rule will also apply to

vrmnlnt mot* ?«’ subsidiaries set up by tbe hold-

eminent has chosen to make its «_„ mniMnipe
move while memories are fresh ° companies.

of the debacle

The Foreign Trade Ministry

Ambrosiano Holding of Luxem- will also have to be informed
bourg. the key cog in the of how profits are used, and of

foreign operations which led to any changes in the sharehold-
the liquidation of the Milan log , structure, where these

parent bank last Friday.

involve Italian residents. The

Its move brings to an end a roles will also apply to so-
10-year period, in which Italian called " mixed " purpose hold-

companies have been virtually ings, involved in manufactur-
free to set up such holding com- « n § or commercial activities.

panics in countries like Switzer- where the Italian Interest is
land. The Netherlands and, greater than 50 per cent.

above all, Luxembourg.

Ar the some time, any

In its announcement, the Italian individual or company
ministry accepts that such will have to notify to the

foreign holding companies have foreign exchange office (UIC)
an important role to play, given any interest In a foreign hold-
the steadily increasing “interna- im* company greater than 10
lionalisation” of the Italian per cent, thus enabling a corn-
economy, and the need to pro- puterised register of such
cure abroad funds blocked by operations to be introduced.

Pertini begins talks
on new government

ROME — Sig Sandro Pertini, HMMmmgg£PJN|gjHMH|M|g
the .Italian President, began
talks with political leaders

yesterday on the formation of a '. '.'ll

new government to succeed Sig W ' 1

Giovanni Spadolini’s flvb-pany m ^ . •

coalition which fell wast week. ■ y ■ • \

The S5-year-old head of K £ ‘ • . *

state.. forced to return to Rome I.'

from a holiday retreat in the -

Alpine foothills, is anxious' to. j ’’ ■

avoid plunging the country into A \ -*■:'£§ ■

elections which could bring IT* .

economic chaos. w*. J ry • . f-1

Officials say the crucial first • . v. * -

round of contacts would estab- ~ ... ’ ^ jH

lish whether there was any .*?>.• . •

chance of reviving Spadol ini's *•.’ /■

centre-left coalition, which

ruled for 13 months until Sstur- ^ ■ .■ — ^ . AR

day as Italy’s 4Lst post-war

government.

Alternatively, he might look jflMga

to the dominant Christian llff W&L

Democratic Party and ask Sig

Arno Ido Forlani. a former Sandro Pertini

Premier, or Sig Flaminio

Piccoli, party president, to try office after fiscal measures

* ! T

Sandro Pertini

GUNMEN ran amok in the
main Jewish quarter of Pari?,
yesterday killing sixe people
apparently at random and in-
juring at least 22, nine of
them seriously.

It' was the bloddiest of a
series of attacks against
Jewish communities in
Western Europe In the last
four years.

Feelings were running high
in the Rue des Rosier quarter,
in the ancient heart of Paris,
as Irate residents threatened
police and Journalists, blam-
ing the Press and television
for biased coverage of the
war In the Lebanon.

Conflicting accounts of the
shooting emerged in yester-
day's heated atmosphere.
Most of tbe dead— -three men
and three women— appear to
have been customers at
Goldenberg’s. a famous
Jewish restaurant and delicat-
essen.

Three or four gunmen were
reported to have entered the
restaurant, taken automatic
weapons out from under
their clothing and started
shooting around them.

Coming ouL they then fired
into the lunchtime crowd,
aiming, in the words of one
witness, “ at anything that
moved."

The gunment escaped on
foot, before reportedly being
packed up l»y a getaway car.

A plain-clothes policeman
was among the wounded,
apparently hit by counterfire.

A relative of tbe restaurant
owner. M Jo Goldenherg, said
there was “ blood all over the
place” Inside, although tbe
windows remained iulacL She
said the restaurant had
received a warning, but no
notice was taken since this
happened all tbe time.

The Rue des Hosiers area
houses the most dense con-
centration of Jews of Paris,
originating from Eastern
Europe and North Africa.
Police cordoned off streets
after the shooting.

President Francois Mitter-
rand asked to take part in a
service for the victims at a
nearbly synagogue last night.

- Expressions of indignation
flowed in ' from political
parties and other organisa-
tions, some of them openly
criticising . Ibe Government
over the mounting wave of
terrorist lattacks in the
capital. i

M Jacques Cirac, mayor of
Paris and ,-prinetpaI French
opposition!' figure, said the city
had become the “ tilting-
ground of every kind of
terrorism "

A PACKAGE of hogo price poriy oewspaper « - ^ period Sl up^d 'reviion "of subsidised

increases— the third this year warned tbe public that the safer Md ^ harvest prospects rents, before 4he end of the
.—came into force in Hungary guarding of Hungary s financial afe l0 be gooi g u t at the year, v -

yesterday in a bid to reduce reputation abroad demanded same enterprise invest- , -The Hungarian leadership has

state subsidies, mop up surplus greater efforts. meats and private consumption dearly drawn iis

purchasing power, and restore Though exports invoiced in were rising in contrast to the from the lessons of tneFO a

economic equilibrium. convertible currencies jumped planned target. Both ‘ ^convince both the

j a i... oo ... mni riiii-mcr th* last ripnnsits- and retail trade turn- ■ seeks to convince ootn

economic equilibrium. convertible currencies jumped planned target. Bom saving ana xtomaman

The prices of bread, flour and by 22 per cent during the last depots and retail trade turn ‘ SSp-i^^^^jfoand the
rice were raised on the average three* years, the improvement over have e^nde L hanks that it

-t of 7 3TC' “ those<rf T cocaa M half of 1982 has The Hungarian Governmerrt ^^erri^bante tett

jgaiimt Sen n ew^pe° £ r M5i32“ “ **

he iast ^do B ubled nCebUSfareSba ' :e SS'S?* 25 percent” ^ Tbe popuiaUon. though hit

inarter. Important signal to Western sued either uses capacities which dard of ’living is still superior

r Paris, banks and goverumenis that die Wwejiijg and demand gjer uses re ‘ t ^ East Moc and

>atraed Hungarian leadership deter- was an essentzat conaiuon ror even zives a push that belt tiebtening now could

, Warn- mined to put the economy on ach eviog a lasting surplus m even ^ p EL*?™ icdS Su»

a self-supporting basis.

In a lengthy editorial, tbe

trade on hard currency basis, to imports.

5 UDUJU UC LUflLUJ«*AVW LU UIC 1 COL v*

exports, or even gives a push that belt tightening now could

Industrial

during Further price increases are tion later.

help avert a more serious situa-

Of bulls, Nato and pursuit of reconciliation

. BY TOM BURNS, RECENTLY IN SANTANDER

MADRID. LIKE other southern after marriage in Madrid to the more people. It is ■ Pri»c^ ^ith l ?he

MADKLU, LitKii ouier soumem aner marriage m mairuu w u.c mu vwk". « *». - f— .V.V K«*lrfast with the

European capitals, closes down young Bourbon monarch. It sum by Spanish higher educa- *}tsdwm runs the

for the summer. -The capital’s seems the ideal location for a tion standards— all the more so firebrand feminist . .

since the Magdalena is not a women's workshop debating

Oil company
claims
spark row

establishment, however, re- civilised exchange of views. since the Magdalena is not a womens wor^uuM **

groups from late July through According to Prof Angel university at all in the proper abortion on demand The tra

groups I ram jaie JUiy Ulfuugll .‘KL-uiuilie »u I"n umvciaiy CM. CM i"-r — — ; . V V,io Kafp

to mid-September in the some- Vinas, vice-rector of the univer- sense of the word. Prof Vinas union meat*- JJJ! “J

wliat incongruous setting of an sity, the campus get-together readily admits it is " a political noire, the theoretician nrom in

has become something of an investment”

Wliai ineonBIUUUS acinus ui •*« iuc raiupiu uuy a uuuu, ji » “ . *i _ nt i

ad hoc university. has become something of an investment”

,he Th Cltv P a a nd S Fle^r sSlet th°i "T of StricUy ocademic topics play Z gSfSiBfS& toC°om-

Commons bar, the London ’club Francoism. This talking shop . an Important rolt. A fa^waider- posteHa, nms acrossTbe Culture

The Spanish equivalents of indispensable complement to
the City and Fleet Street, the Spain’s transition out of

L.amruons uar. me luduuii ciuu ruuiuiMii. mu . Krirvcr f,TV, ' , . . _ „„ ___

and ihe Oxbridge high table are aims in its two-month pro- H* 1 Ministry advisor ^ w*o > ag prt^

gramme to bring the problems together international solars vide the funds for pureuias bis

swapphiy gossip and ideas ar and personalities of content- W discuss disciplines ranging pe t project on Romanesque
the Magdalena Palace, home of porary Spain together in a re- from medieval Arab philology restoration.

so-called International jaxed atmosphere.

to midear physics. Concur- The fact that fte palace CTn

INC 5 U < UUICU Alliciumavuill IOAV.U A Alw IftLL UIPL ms

University of Mencndez Pelayo The summer courses’ were rently. however, a weaitn ot . provide common shelter for
in Saniandev on the northern started up 50 years ago during Jectures, seminars and wort- W alks of life and even

Cantabrian coast. ihe Spanish Republic when tbe shops review such topics as uie for O pp 0S mg extremes is

academic activity. A t another modest reading-party retreat oy 01 we rress. 1^

Itieie is think-lank brainstorm- Ihe progressive intellectuals of balances, constitutional reforr

ing. But the underlying feel of Madrid’s Instiluio de Ensenanza and the church and education,

the Santander • campus is that Libre. In the Franco years the There are also think-tank

summer courses.

me oaniauiier iramjjua i» ui«i liuh. ill ... 'mere are also imon-iaim Th» nni naR >;tv't want has nn

of a unique forum for the practice was continued but exchanges among experts; One ^ Jhll ?tri ^at tSh ed to

niirciile ftf whai under tbe aeeis of the Falange . : visible strings attacnea to 11.

dedicated pursuit, of what under the aegis of the Falange brainstorming session this ^ W ,f 0 ™S5 bowd ta free to
Spaniards call ••reconciliation." Party and conservative Catholic sununer brouglit in senior w t f ilTitwSteto ^ SscuS
This is shorthand for bringing iay organlsatlon. °pus Dei. administration officials to debate *2*° irantf^ Seemingly

the two,' or several, Spains After Franco, the university <k,_: n - s pntTV jj a t n An- what , wanu beemingjy

was thrown open, now everyone has^rSsurv officiSs determined o boost its eclectic

who matters, from right to left melting-pot Image, it hassled

together.

The Magdalena Palace, set on wno mail era. .run. r.*.niw .«i noHticUns and economists | —

pemasuU juuin, ouc.ol. acros, Spain s m£**:** 2 SS£ ZEZ ft*, *L P

Santander Bay, looks like a
large English country house.

S °Fran«i < ism’s n ptaSSm ^antTo ®£JSS!« J***^ 0 " for* a seminar this month on art

Ordonez Rafael de Paula

Ihe unirersl.y_’lw_ raised “ , ,*■ “ >?•< -Sfi*!

rnat IS wnai It snouiu lOOK use. inc unjvtrio.ij nlannimr in (Tenth

It was built for Queen Ena, dramatically to Ptas200m three Planning in depth. t

Ena. who gamely sat through a

granddaughter of Queen Vic- years ago and this year the Virtually the entire Spanish buUGght on her wedding day.

toria and wife of Alfonso Xm, government has allocated establishment appeare to inter- and avoided the sport there-
who allegedly pined for the Plas300m (f 1.5ml to enable it mingle without trauma. The after must be turning m her

architecture of the Isle of Wight to hold more courses and invite crusty general who has been grave.

Corsican autonomists share
balance of power after poll

Short-time for
Volkswagen

balance 01 power alter poll rr-

’ • . introduce short-time working at

BY OUR PARJS STAFF its domestic car plants for the

first time since 1975' because

THE SURPRISINGLY strong Innovation— resulted in as many centrist group. But it appears of a fall in sales, an official for

to form a new administration. earlier agreed by the Cabinet

Some politicians demanded a were defeated in a secret vote
change in parliamentary voting Jn tbe Lower House.

rules to avoid a repeal of the
sudden government defeat on
August 4 that triggered the
present crisis.

avDiu a repeal ot me Tbe Socialists accused
government dereat on Christian Democratic deputies,
4 that triggered the w v, n rtaev said renresenfed

Guinness plans
redundancies

show of support for the Corsican as 14 of the 17 contending lists t0 sland nttle chance of building the company said, Reuter re-
autonomist party, the UPC in gaining seats in the assembly. this up int0 a working majority, ports from Wolfsburg,
its first election test on Sunday, Tbe UPC beat all predictions . „ „ _

means that its candidates and an by coming third, behind the 7"^ e ^ e ». sm 5ii^ r

who they said represented
rested interests, of sniping at

Under the Time-hallowed coalition solidarity. They corn-
formula of Italian Government plained that Italy bad become

crises. Sr Pertini was consulting ungovernable.

first with Sr Giuseppe Saragat Influential politicians from

and Sr Giovanni Leone, both both the Right and the Left

former Presidents,

agree on the need to change

Speakers of the Senate and a procedure whereby a small
Lower House of Parliament, and group 0 f deputies in either

finally with political party bouse can demand secret votes.

leaders.

L’Avanti, the Socialist Party

The initial contacts were newspaper, said it had become
expected to show whether the an instrument to defend un-

Christian Democrats and declared interests, while Sr
Socialists, main partners in Sr Beniamino Andreatta, Christian
Spado I ini’s coalition, were pre- Democratic Treasury Minister,
pared to submerge their per- said the secret ballot should i
sonal and political feuds in a only be used in rare and delicate ;

new alliance.

If no com promise emerges, Sr

cases.

The weekly news magazine

Pertini will have to dissolve L’Espresso said in an editorial
parliament two years early and the central issue in a new

call elections, probably
October or November.

in election campaign must be how
to adjust the country’s rusty

The Socialists, said by opinion institutional structures to the
polls to have gained popularity demands of a modern industrial

since they won 10 per cent of state

the votes in the last general During the weekend, both

election in 1979, are held res- employers' and union organi-
ponsible for bringing down the satlons joined the majority of
government. political parties -which appose

Sr Bettino Craxl, the Socialist the dissolution of parliament
Party leader, withdrew the before its 1984 deadline,
party's seven ministers from Reuter

By Brendan Keenan In Dublin

GUINNESS . lSEUdlD has
won the approval of a
majority of Its workforce for
a scheme to cut employment
at Its Dublin breweiy by more
than 40 per cent.

Under the scheme. 1,100 of
the 2,500 employed at the
famous St James’s Gale
brewery would lose their jobs.
The terms, however, are con-
sidered generous, with a
general worker aged 57
getting a lump sum of almost
ms.000 (£11,500) and a

pension equivalent to two-
thirds of salary.

Tbe terms persuaded the
largest group of workers — the
1.500 members of the
Federated Workers’ Union of
Ireland — to accept the deal
by a. comfortable majority in
a ballot.

Guinness Ireland Is
exported ' to proceed wHh a
I£10m Investment programme
to modernise the brewery.

However, the 400 craft
workers at the brewery have
so far refused to accept the
company's offer aim are still
negotiating with ti>e
management.

liituuy <t job a i>« vnuuhhiioo »uii pi# m0J , “**■ * . ^ riaft rh ppt 1 VoBcewagen is to discuss with

power in tlie island's assembly, per of ih, vote. «J!f r M

power m the island s assembly, per ceni of tne vote. , nr .

| Neither the parties belonging Five lists representing parties, have eight seats duction at two plants for two
to France's ruling coalition nor different factions of the . between fhent- Five other weeks in September and
the main Centre and Conserva- Socialist-Communist coalition parties of aiaerent shades of October. About half its 58; 000

tive opposition parties have control 22 seats between them., opinion share the remaining six at Wolfsburg and

established an automatic half of these belonging to the sears. - - .

J- H I r-ant J Tha Tl.. ^ UlOre llidll 1 1 Ml I U.9UU

majority in the fii-seat body . set Left-Wing Radicals (MRG). The The abstention rale of 31 per workers Fmdpn could ' Hp
up after the first of the regional Socialist Party showed its weak- cent in line with major national aff e rt e d
elections taking place under the ness on the island with a dis- elections on the island and
Government's decentralisation appointing tally of four seats. somewhat dispels the Govern-

somewhat dispels the Govern-

programrae. The mainstream opposition raent’s initial fears that j ShiDDIHE lock ffO-ahead

The single-round proportional did better by taking 25 seats. Corsicans would be indifferent ■ ® °

representation ballot — an . including six for a breakaway to Hie new assembly.

representation ballot — an • including six for a breakaway to Hie new assembly. Construction of what is believed

to be the world’s biggest ship-
ping lock is expected to start

7 : ' . soon, following approval by the

Belgian Government for an

j 1 a - • A 11 • j 11 initial expenditure of BFr I.3bn

Stalemate m Albanian talks

t ‘ lode is expected to be opera-

VIENNA— Secret talks between ' months between ambassadors at could agree on reparations for entrance 19 to 6 ' tiJe^ 6 port^ 6 ^

West Germany and Albania on alternate embassies. damage and deaths caused by Antwerp. '

restoring relations frozen since . They gathered speed follow- German forces occupying

the Second World War have J 1 rJ r ?? ve 5 Albania after the Italians sur- ’NI Ara ,A l *: nn .

reached a stalemate over VoSlbS! Tff taSSFS rende ^ 111 1943 - ^ g jobless Up

Tirana s demands for sub- insurmountable difficulties to re- -But, according to Albanian ‘ tforwa F s unemployment rate

slantial war renarations. accord- establishing relatione hetwonn ,nH .w- P 35 * *°. z P er cent of total

Norwegian jobless up

stamial war reparations, accord- establishing relations between and West Gennan officials, the °L 1

ing to diplomats on both sides, bis hermit-like country and ta iks failed to bridee the ean SSTi = ,®° t , • , U P

^ ? id BO “; ■ t , bSSeen" Ih? ^5 t*&£.

which began in Belgrade and Communist Party congress in and there were no plans for ports from Oslo Rv'thT^nH 1 #1. • «».-

later switched to Vienna, took Tirana, the 73-year-oId leader another in the near future, they of ^uly this vea?' 33 osfi^ennti l hat ,, nffsho £? c *P trart ? ar f,
Place every three or four said h e believed the two sides said. -Reuter ’ 7 w e « 1 sometimes steered to the oil

■ were registerea as unemployed. companies’ foreign affiliates.

By Fay Gjester in Oslo
AN OSLO lawyer's unflatter-
ing memorandum about- the
activities of foreign oil com-
panies in Norway has stirred
controversy. Its most conten-
tious charges inelude:

• company harassment of
trade union organisers;

• income tax evasion, thraach
Tands being channelled to the
companies for affiliates—
under the guise of payment
for services;

• collusion with foreign con-
tracting companies to ignore
Norwegian tax and employee
protection rules;

• foreign bids for some
important contracts are based
on an understanding between
the oil companies and the
foreign contractor, which is
promised supplementary pay-
ments in respect of “design
changes ^ ordered by. the
former.

The author of the.memoran-
dnm. Mr T. G. Borgen, worked
for a foreign oil company—
Phillips — in an executive
capacity until a year ago.

He was asked by the
organisers of a State-backed
research project — “Safety on
the Shelf”— to record his
thoughts about how State
regulations for oil activities
work in practice.

Mr Borgen emphasises that
his work is not a deeply-
researched report into the
state of affairs on Norway's I
shelf— simply a list of some :
problems

The memorandum com-
ments on the oil companies'
practice of wooing influential
contacts— civil servants and
politicians — with lavish meals,
salmon fishing trips, and other
luxuries. ' Most Norwegian
officials and politicians have
beeo discreet, and alert to the
dangers involved, it says.

Reactions to the 30-page
documents hare varied. The ,
oil companies say it paints a '
false picture of the way ibey
operate. Mr Borneo's former
employer, Phillips Petroleum,
says tbe allegations it con- '
tains are without foundation.

Mr Arne Rettedai, Minister
of Labour, and previously
mayor of Stavanger, Norway's
oil capital, has dismissed it
as “full of unsubstantiated
allegations . . . not a serious
piece of research."

Trade union officials on the
other hand, say the memo ran-
dom simply confirms what
they have been saying for
years about foreign oil com-
pany attitudes. The chairman
of Nopef. the oil workers'
union affiliated to Norway’s
TUC, said this was “yet
another argument in favour
of nationalising the oil
industry."

A conservative business
newspaper, the Oslo Journal
of Commerce and Shipping,
thinks Mr Boraen's ideas
merit careful official study—
particularly the allegation .

were registered as unemployed.

stillness

BY LESLIE COLITT IN WARSAW

EARLY each morning a Warsaw
citizen carefully lays a bouquet
of flowers in Victory Square and
begins l-o recreate a 40 ft Jong
cross of flowers removed dur-
ing the night by the security
police. In ihe course- of tbe
day thousands of fellow Poles
visit ihe spot, add flowers,
light candles and sing hymns
and patriotic songs. •• Give us
back our fatherland free," they
sing, waving their fingers In The
•air in V for Victory signs.

The great Horal cross In the
centre of Warsaw marks the
spot where the coffin of
Cardinal Stefan Wyszinskl, the
late Polish primate, lay in
state more than a year ago -and
where Pope John Paul H 'said
mass in 1979. It has become the
opposition’s must powerful
symbol of resistance to the mili-
tary government under General
Wojciecb Jaruzelski.

Located halfway between the
Tomb of tbe Unknown Soldier
and the headquarters ! of '
Warsaw Military District, the

cross attracts far more ’Poles
than either. It is a constant
reminder to the authorities of
where Polish sympathies lie.
On weekend*., newly married
couples place flowers 00 the
cross, much as Moscow newly-
weds lay a bouquet al the
monument to the Soviet dead
of World War II.

FINANCIAL TIMES, 'published daily
oxeflpt Sundays and hulidays. U.S.
subscription rales S365.00 par annum.
Second Class peaiage P«W al New
York, N.Y., and ot additional mailing
centraa.

It is small wonder lhat the
Polish military Government faa*
readily agreed lo the Episco-
pate's wish to allow a com-
memorative plaque lo be
placed in the Square in Ihe
hope the cross will then dis-
appear. It look a Romanian
tour guide to bring home the
significance .of the cross’s daily
resurrection. Mesmerised by
the sight of hundreds of Poles
singing fervently while placing
photos of Cardinal and Mr Lech
Walesa, Solidarity's leader, at
the base of the cross, he whis-
pered: “This must be a
protest”

Another form of protest Is
wartime Poland's mark of
resistance to the Nazis, which
is scrawled in chalk on monu-
ments and buildings throughout
the country. Shaped like an
anchor— symbol of hope-

suspended from ihe letter “P,”
it now incorporates an '* S ” for
the. suspended Solidarity union.

Yet another sign of resistance
to martial law was worn by
embittered young people at last
Sunday's Solidarity ceremony
marking the Katyn massacre
of 4,001) Polish officers, which
most Poles are convinced was
perpetrated by the Soviets.
The wore a badge resembling
the Solidarity Insignia, except
with the initials CDN for
ctap dalsztj nastepi — to he
continued.

A censored Polish magazine
carries the results of a survey
of university students showing
that while they may he steeped
in Polish battle lore they know
virtually nothing of “People's
Poland ” — Communist rule
since the war. Even the muzzled
Press Is more frank than in
most Communist countries.

Polish workers remain
frustrated by the continued
internment of Mr Lech Walesa,
along with the repression' of
Solidarity, and b|y a severe
economic squeeze that the
Government admits will worsen.

But will the workers follow
calls for militant action from

WARSAW — The number
,of pilgrims marching to the
Polish shrine of Czestochona
has swollen to 50, OW^ as-
thousands join ~ the group
along the route of the nine-
day walk, AP reports . .

The pilgrims, carrying flags
and banners left Warsaw on
Friday in searing heat for the
173-mile walk to. the southern
Polish city, site of the Jasna
Gora (Mountain cf Light)
monastery.

The pilgrimage is to arrive
on Saturday when the Roman
Catholic Primate is expected
to delivery a homily at cere-
monies marking the’ 600th ~
anniversary of tile arrival in
Poland of a portrait of Our
Lady, the. Polish. Charch’s -
holiest Ieon-

The Pope, former Cardinal
of Krakow, had; hoped to
attend church ceremonies on
August 26 marking the annl-
- versary.' The ■ pilgrimage
normally arrives in Czesto-
* chocs on tbe I4th since both
August 15 and 26 are holy
days for Saint Mary.

Among the marchers who
set out on Friday were groups'
from Italy, Hungary and
France.

The Roman Catholic dally
Slowo Ponszecbne reported
an official total of 38,000
people registered for the
pilgrimage, hot about 30.000
to 32,000 started tbe march.

The marchers arrive on the
second .anniversary of the
Gdansk shipyard strikes that
launched the Independent
union Solidarity.

radical - young workers and
students' who say Poles have
nothing to lose? Compared with
them, even Mr Zbigniew
RqmaszewskL ,an underground'
Warsaw Solidarity leader who
has called for a general strike
in the autumn, begins to look

like a moderate.

Otfaer young men such as Mr
Zbigniew Bujak, head' of
Solidarity in the Warsaw
region, who has been hunted
by the security forces since
December 13, have called for
peaceful demonstrations to take

place later this month com-
memorating Solidarity's birth in.
the Lenin Shipyard two years
ago.

Much will depend on whether
the splintered union movement
can organise itself at a time
when the security police will

be detaining every suspected
Solidarity organiser
Opposition members say the
Zoroo, ihe elite security police,
used with lethal effectiveness
last December, will “be ready for.
ail eventualities on August 15.
On this day Poles will flock to

their churches to marts the
Miracle of the Vistula, the
defeat in 1920 of the new Sov;ri
Red Army by Polish forces. Tbe
Government Tears they coato
carry . their 1 fervour into the
streets as happened in months
past.

s;.ti

if

Janos Kadar. Hungarian leader

Financial Times Tuesday August 10 1382

OVERSEAS NEWS

• Wil

Pretoria to issue
policy statement
on police conduct

BY BERNARD SIMON IN JOHANNESBURG

THE South African Govern-
ment will shortly issue a
“ clear-cut ” policy statement
on the treatment of security
detainees, Mr Louis le Grange,
the Minister of Law and Order,
said yesterday.

Mr le Grange’s statement
follows the public outcry over
the death in detention over the
weekend of Mr Ernest DipaJe.
According to the police, Mr
Dipale hanged himself with a
blanket in his ceil at John
Vorster Square, Johannesburg's
police headquarters.

Mr le Grange said the policy
statement would not be
embodied in a law, nor would
it be a formal code of conduct.
It would set out the “way we
will endeavour to handle all
people whom we detain in
terms of security legislation.”

The minister conceded the
police were not “absolutely
blameless” in the deaths o£
some security detainees, about
50 of whom have died in police
custody over the past 20 years.

Mr le Grange, speaking at a ■
lunch yesterday hosted by the
Foreign Correspondents Asso-
ciation, said his department’s
police methods were similar to
those used in many .Western
countries.

• The South African Rand
sank to an all-time low against
the UjS. dollar yesterday—
mainly as a result of the- lower
gold price and the strong
dollar.

The. rand touched a low in
Johannesburg of 85.7 "U.S. cents
during the day bat recovered
slightly in the afternoon to
close at a mid-rate of 87.84
cents. The currency has lost
over 35 per cent of its value
against the dollar since its
recent peak of $1.35 in January
last year.

According to the Standard
Bank, the. country’s second
largest banking group, the
reserve banks appears to be
moving the Rand exchange rate
to maintain a constant gold
price in rand of about 11400-
Gold accounts for about 45 per
cent of South Africa's mer-
chandise export earnings.

Bankers disagree on the
likely short-term direction of
the rand, with some forecasting
a significant further drop and
others, predicting it will
stabilise at current levels
before rising slowly towards
the end of the year.

The predictions generally
depend bn assumptions made of
the future trend of the gold
price. ..

Bangkok plans to develop
eastern seaboard

BY JONATHAN SHARP IN BANGKOK

A PANEL of foreign and Thai
consultants has forecast that an
ambitious project to indus-
trialise Thailand's eastern sea-
board. south-east of Bangkok,
will cost IG3bn baht (£2.5im),
the bulk of the funds coming
from overseas sources.

A study commissioned by the
Thai Government said that
industrial investment would
account for more than two-
thirds of the amount, with the
rest required for infrastruc-
tural development.

The report envisages a
variety of heavy industries plus
two deepwater ports to be
located on n wedge of land
jutting into. the. Gulf of Thai-
land.

An important aim of the pro-
ject is to stem the growth of

NOTICE or REDEMPTION

MITSUBISHI
HEAVY INDUSTRIES,
LTD.

- - S50.000.000

6S% CONVERTIBLE DEBENTURES
DL'EIMI

overcrowded Bangkok by estab-
lishing an alternative industrial
and urban base.

Central ‘to these plans has
been the discovery and develop-
ment of offshore natural gas,
which is seen as a major source
of energy for the project.

The report, which was
published last week, said that
as development of the project
proceeded it would become an
increasingly powerful “magnet
for grow*."

But the early omens for this
planned industrial base have
not all been favourable. Talks
between the Thai Government
and -a Swedish consortium to
build a fertiliser plant along the
eastern seaboard as part of the
larger' project broke down
earlier this month.

Cairo sees
new role
for PLO
in Mideast

By Francis Matthew In Cairo

EGYPT HOPES to s*e a
reshaping of Middle East
diplomacy as a result of
Israel’s invasion of Lebanon,
with an enhanced position for
the Palestine Lflwration

Organisation.

During the long siege of
Be nut the U.S. has been
anxiously seeking . countries
willing to accept the FLO
guerrillas once they leave
Beirut. Egypt agreed to take
some, but only If the U.S. gave
a dear statement of support
for a Palestinian homeland.

That position has now
softened to a more general
insistence on linking evacua-
tion to a comprehensive
settlement. But it is unlikely
that if a ship full of FLO
guerrillas arrived to
Alexandria they would be
turned away even If the UJS.
had not given the required
statement

Mr Kama! Hassan All, the
Foreign Minister, yesterday
told the newspaper Mayo that
Egypt would take “ some” of
the 6,000 guerrillas as part of
. a general settlement. Mr
Butros Gbali, Foreign Affairs
Minister, has mentioned the
figure of 2,000.

Any PLO units to Egypt
will not be allowed to carry
out military activity, which
would be forbidden under the
peace treaty with Israel. They
will initially be boused '
to a military camp near
Alexandria.

Egyptian offidals said that
the future of the Ain J alloirt
force of the Palestine Libera-
* tion Army (PLA) is still not
dear. The 40Ostrong group is
part of the PLO*s regular
forces and was based to Suez
until 1976, when it was sent
to the Lebanon during the
civil war.

Egypt's anger with Wash-
ington’s policies in Lebanon
and its steady support for
Israel were indicated by Field
Marshal Abn Gfaazala. the De- .
fence Minister, this week who
hinted at a reduction in mili-
tary co-operation with (he
U.S.

Egypt did not turn to the
U.S. for help with her UN re-
solution but asked the French
instead. The Franeo-Egyptian
resolution affirms Israel’s
right to exist behind .
secure and recognised
boundaries, and also affirms
the Palestinians’ right
to self-determination “with
all its implications

Sabah pins its ‘space age 5
hopes on offshore gas

BY DAVK> OODWBU. IN LABtlAN

Notice is hereby given pumunlto Sec-
tion 3.02 of the Indenture lltae “Indenture")
dated as of February I. 1976 between
Mitsubishi Heavy Industries. Ltd. ttho
"’Coinpiny") and Banker* Thist Company
■to hoi cters of the above-mention ed Deben-
tures (the u Debentures') than he Company
shall, on September 2a 1982. pursuant to
Section 3.0 Hal of the Indenture, redwm
all of the Debentures outstanding’ on that
dale. The outstanding 1 Debentures shall
be redeemed at 102-!, per. cent- of their
principal amount, together with accrued
interest to September 29. 1982, upon pre-
sentation of the Debentures with all
con pons appmaininE thereto maturing

Bankers Trust Company in London. Paris
and Milan, and the main offices of Banque
de Benelux &A- in Brussels, of Deutsche
Bank Afctieageselfeeii oft in Frankfurt am
Main, of Swiss Bank Corporation in Basle,
or Aljtemene Bank Nederland N.V. in
Amsterdam and of Banque Generate du
Luxembourg S.A. in Luxembourg. Inter-
est will cease to accrue on the Debentures
on and after September 29, 1982.

Holder* of Deben wres way continue to
convert their Debentures into shares of
Common Slock of the' Company or into
Common Stock of ihe Company evidenced
by BDRs in accordance with provurfons of
ibe I ndenture up to the close of busi ness on
September 29. 1982. However, notice is
hereby given to holders of Debentures
that the Deposit Agreement pursuant to
which the BDRs are issued will be terra i-
nated with effect from September 30.
1982. The conversion price in respect of
the Debentu res at the dale of this notice is'
Y154 per share of Common Stock.

Mitsubishi Heavy Industries. Ltd.

Dated; August 10, 1982

NOTICE OF TERMINATION

MITSUBISHI.
HEAVY INDUSTRIES,

. LTD.

BEARER DEPOSITARY RECEIPTS
Jfottee is hereby given to the bolder* of
Bearer ItepMiLiry RtveipeCltecapU'^ issued
pursuant w the Deposit Agreement dated
as of February 1,1976 among Milsubish ‘
Heavy Industries. Ltd., Bankers Trust
Company And ail holders from lime to
time of geceipta iwued thereur J “ / * L ~
“Deposit. Axre*m«il , '| that the
Agreement shall b* terminated wi
from September 30. 1982.

WHEN, in 1846 the Sultan of
Brunei 1 first ceded the north
Borneo island of Labizan to the
British businessman and adven-
turer Baja Sir James Brooke,
there were great hopes for the
island’s future as a coal port
and trading post. It took 30
years for the British to abandon
their high hopes for the island.

But now, more than a century
later, and as part of the East
Malaysian state of Sabah, there
are once again grand plans for
the development of Labuan.

As the home of Sabah’s chief
minister, Datuk Harris Saleh.
and as the nearest landfall for
large gas fields off the Sabah
coast, Labuan is to he the
catalyst for industrial develop-
ment in a state still thick with
tropical jungle and inhabited by
forest tribespeople.

“ The industries we're setting
up here are going to lift our
state out of the Bronze Age and
into the Space Age in just a
couple of decades," says a
prominent local politician.

Linked with major invest-
ments to bring- natural gas
onshore from the Erhwest and
Samarang oil and gas fields
more than 80 miles out to sea,
a sponge iron plant and a meth-
anol and power project are
already under construction.
These "projects alone are likely
to cost Slbn (£584-8m).

Already. Labuan has the air
of a boom town, with housing
estates mushrooming in all
directions and limousines clog-
ging ihe narrow streets. The
population has doubled to
35.000. with . a further 10,000
military personnel at the nearby
army, air and naval bases.

Local businessmen and poli-
ticians claim Labuan was a
neglected ghost town until
.Datuk Harris and his Berjaya
Party came to power in. Sabah
in- 1976.

This is ‘ partly true, in that
the intend could never have
hoped to attract such substantial
resources- if it bad not been
the chief minister's home town.

However, Labuan' has always
had a distinctive and cosmo-
politan air in a state still
dominated by logging and the
export of tropical hardwoods.

It has been a free port for a
Zong time and. as such, is the
home of a -bustling $40m a year
barter trade between mainland
China and the southern Philip-
pine cities of Zamboanga and
' Hole.

Datuk Harris Saleh reacts
sharply to suggestions that
Labuan has boomed because of
his personal influence and
patronage.

" Look at where the gas fields
are. and tell me where else yon
would have set up Sabah's new
industries.” he says. His retort
has some weight, since the only
viable alternative would have
been Kota Kinabalu, the state
capital, about 100 miles east
along the coast.

But now the decision has been
made, Labuan seems set for
rapid development Already, a
large flour and feed mill is in
operation, supplying both Sabah
and Sarawak.

Labuan is never likely to
become a Singapore or Hong
Kong. Nor are Sabah's modest
oil and gas reserves likely to
give it the wealth of the Gulf
states, but Labuan has a criti-
cal part to play in . the state's
modernisation plans. Whereas
the prospect of coal over a
century ago merely tantalised,
natural gas has laid a founda-
tion for solid growth. After all
his frustrations and disappoint-
ments. Raja Brooke would have
been gratified to learn he was
not completely mistaken about
the potential of the island.

India and Fiji in clash
over political funds

-.BANKERS TRUST COMKWr

- BY DAI HAYWARD W SUVA

RELATIONS between India and
Fiji have deteriorated to their
lowest level for many years,
following allegations by Fiji’s
Prime Minister, Rata Sir
Karaaisese Mara, that a former
Indian High Commissioner had
become- involved in local
-politics,

•Indian and Fijian officials in
' Suva both say the Indian Prime
Minister, Mrs Indira Gandhi,
may cancel her visit to the
Commonwealth Heads of
Government meeting in Suva in
October ■ because - of the

allegations.

These include allegations- by
Ratn Marti that Fiji's opposition
party received funds indirectly
from the Soviet Union in last
month's general election ;
campaign. .

Ratu Mara alleged that the
Indian High Commissions in
Sydney. Australia, and in Suva
had been involved in helping to
pass the money to the National
Federation Party.

The Indian Government has
denied the allegations, describ-
ing them as “ misebievious and
wilful.”

Tony Hawkins in Harare looks at Prime Minister Mugabe’s battle with the courts

Zimbabwe suffers a self-inflicted crisis

THE PAST month has been one Front MP, Mr Wally Stuttaford,
of the most difficult for Mr to have been illegal. Extra-
Robert Mugabe, Zimbabwe's legal measures are already con-
Prime Minister, since taking tempi ated in the decision to
office in April 1980. "While some re-introduce emergency powers,
of his problems are not of his originally adopted by Mr Ian
own making — the world races- Smith’s Government in the
sion and the aftermath of the 1970s, precluding legal action
severe 1981-82 drought — some against thet police, army and
certainly are self-inflicted. prison service.

The confrontation with the At the heart of the legal
Judiciary over the continued crisis is the Governments's be-
detention of two white farmers lief that zts opponents are de-
who have three times been termined to undermine it. The
released by the courts was abduction of the six white
surely avoidable. Yet, last week, tourists near Bulawayo a fort-
the Attorney General told a night ago was the 'first overt
High Court judge that irrestpeo- sign that the 2,000 or so
tive of -what trie courts may Ndebele dissidents— who pro-
deesde, '‘trie executive Is not f®ss loyalty to Mr Joshua
going to release triem." Nkomo— were politically in-

Diplomats both from non- spired. Hitherto, their conduct
aligned and Western countries, bad been random criminal ac- Mnfi * be ... a difficult month
have 6een urging caution on tivities — mainly robbery with

Mr Mugabe not just in trie con- violence. But the ransom note white morale (in particular) and
ffiet with trie courts but in the at toe time of the kidnaping, on the morale of that vitally
wider issue of deteriorating significantly signed “Zipra important element in the white
relations with Mr Joshua forces ” demanded political con- minority— the 5,700 commercial
Nbomo’s Zapu party cessions. farmers, who produce 85 per

But, last week, trie Prime This was followed 48 hours JKLif 5?HJ5 y,s marketed
Minister adopted a harsh line later by the obviously well- agncmtorai output,
against Mr Nkomo, whose sup- planned and apparently success- Tbe f^t that at the annual
porters are blamed by trie ful sabotage attack on Thorn- Commercial Farmers Union
government for the outbreak of mil aircraft base, in which at congress last month, ministers
violence and robbery in Mata- least five aircraft were des- spoke a t, 0 ut the security posi-
baleland. Warning Parliament tipyed and an unknown num- ^ on behind closed doors was
that the Government might be ber severly da m aged. The im- reminiscent of wartime condi-
forced into ” extra-legal mediate assumption was to link tioiis. Not that anyone is
measures ’’ Mr Mugabe added: toe attack with 2rtpr a but the suggesting that there has been
“ We may demand two ears for ver y sophistication of the so serious a deterioration. But,
one ear and two eyes for one weapons used has fuelled spec- clearly, it is a major disappoint-
eye.’’ .. ulation that it was the work of n, e nt after the radical change

This statement was inter- “^gruntlea whites. f or the better in the security

preted not just os a warning to With an estimated 1,500 position last year.

Zapu that trie Government's troops and police searching for Far more se ri oua T Han the
patience was close to exfiaus- the kidnap gang in Western banditry is the political eon-
taon, but also as support for Zimbabwe, Mr Mugabe could fetation between the majority
hardliners in Cabinet, including have done without apparently Zann-PF and Mr Nkomo' s

Dr Herbert Usriewokunke, the totally unrelated gangster minority Zapu. The Ndebele

Home Affairs minister, who activity in the Inyanga tourist leader has publicly disowned thd
have come out against trie district far to the east. Three insurgents and this week met
courts for being unduly lenient young Britons were murdered the prime Minister to discuss a
j on persons accused of security unknown gunmen some time common approach.” While Mr
offences. J*f f m ° mh toe past 10 ivkomo seemed pleased with the

It is true that the Govern- oays two w “ite farmers have response, toe Prime Minister's

ment has bad some severe set- been kulea by gangs. office issued a chilly statement

backs io the courts. The release These incidents are under- noting that the meeting had

of the York brothers (since re- standably having a major taken place at Mr Nkomo’s

arrested) was closely followed impact not just on the tourist request and that, . having
by a court judgment declaring trade, which is experiencing listened to Mr Nkomo, Mr
the order detaining a Republic many cancellations, but also on Mugabe had told him what he

should do. A' key snag is working out

The meeting served to just what trie Government is
dampen speculation that 'a ban -thinking— be it in the political
on Zapu and the arrest of its or economic field. Minutes be-
leadership might not be far fore Dr Chidzero introduced his
away-— speculation that owed pro-business budget, the Prime
much to statements by minis- Minister was on his feet casti-
ters. including one by Mr gating capitalism as an evil “ if
Mugabe himself who told his totally incompatible with
• supporters that Mr ■ Nkomo humanism and the morality of
would be dealt with “ strongly." an equal society." In trie
Further reassurance came budget debate, the Finance
from the Prime Minister him- Minister has earned the plaudits
self who. this week, ruled out of toe white opposition, but his
a one party state during the life measures have come under fire
of the present parliament which ^ rom bis own party.

ends, at the latest, in February

I9S5.

The business community is
hoping that Mr Mugabe will

Underpinning the bad keep his cool with Zapu and
political news has been a sharp “**8! » t * ace value Mr Nkomo's
deterioration in the economy, inability to control his young
After two years of abnormal hotheads. At the same time,
economic growth, when real out- Zimbabwe needs a compromise
put increased by an average of solution to the looming con- •
13.5 per cent a year, there has frontation between the courts
been a marked slowdown, and the executive over human
Industrial output, which grew rights. If these two problems ,
10 per cent last year was flat in 0371 be overcome, then the bad '■
the first quarter of 1982. Mining patch of recent weeks may turn
and agricultural production will out to be nothing more than
fee materially lower than last just that— a spell of bad luck >
year. that afflicts any administration. *

year.

Exports fell nearly 10 per cent

Precisely where the balance

in ■ the first quarter while now lies in government is not
imports were up more than 17 clear. On the one hand, the
per cent. As a result the trade militants are thirsting after a
deficit for the first quarter was showdown with Zapu while the
almost as large as in the entire -moderates, like Mr Mugabe, are

year in 1981.

looking to a one-party state after

The balance of paymeiis toe next elections. On the
deficit, -which rose more than «toer. the realism of economic
150 per cent last year, will grow pragmatists, like Dr Chidzero,
by a further 25 per cent in 1982. contrasts starkly with the over-
Major employers in mining and blown optimism of some ,
manufacturing have been warn- ministers and the ideologues,
jug that without state assistance jt clear, however, that Zim-
major layoffs might be neces- babwe will continue to face an
sary. To avoid this. Dr Bernard uphill battle in convincing j
Chidzero, the Finance Minister,- investors and bankers that its ,
provided aid of Z$50m (£38m) teething troubles are over. Dr
io maintain output and employ- .Chidzero was talking in the
ment - budget of a detailed statement j

Business morale was boosted of investment procedures which !
by what is widely regarded as a he hoped would attract hitherto \
fiscally conservative and real- elusive foreign private capital. *
istic budget, but just as this was ' but it is going to take more .
being digested came the news of than that to do the trick. The ,
a further 9 per cent reduction in budget was on the right track
import allocations taking the and it would be a pity if it were t
total cut in the past' year to to be derailed by political

more than 22 per cent.

developments.

Iunderstand that industry moving to Wales may qualify for a wide range of
benefits, some of which are listed below. Please send me more informatioiL

* Equity and loan capital.

* Venture capital. .

* E.C.S.C. low interest loans.

* Building grants.

* Tax allowances against construction
costs.

* Financial aid for modernisation.

* Grants for plant and machinery.

* Tax allowances on new production
equipment

* New employment subsidies.

* Employee transfer grants.

* In-plant training grants.

* Recruitment assistance.

* Advance factories.

* Custom-built premises.

* Low cost rents.

* Fully serviced industrial sites.

Name —

Position ‘ .

Nature ofbusiness : |

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WELSH DEVELOPMENT flGEMCy

POftTlTRIDD, anD GLAMORGAN 03751/1 TELEPHOX&TREfOREST (W4 365)7666.

FT/32/82

>.l

AMERICAN NEWS

Financial Times Tuesday August 10 1982.

WORLD TRADE NEWS

U.S. tax cut plan

• i *

;e says

BY REGINALD DALE. U.S. EDITOR IN WASHINGTON

MR MALCOLM BALD RIG E,
the U.S. Commerce Secretary,
has again stepped out of line
with the Reagan administration
by suggesting that the S350bn
t £200bn ) tax cut planned last
year was too large.

The 25 per cent cut in per-
sonal taxation, spread over
three years, was regarded by
President Ronald Reagan as one
of the cornerstones of his
economic policy — and he has
since complained that Congress
aid not allow him the full 30
per cent he had asked for.

Mr Baldrige, however, said
at the week-end that mounting
budget deficits, and the Adminis-
tration's support for a SlOObn
increase in indirect and business
taxes, “certainly implies that if
we had to do this all over again
we would have asked for less of
a tax decrease last year.”

The bill to increases taxes
currently under consideration in
Congress was a “ mid-term cor-
rection " in Mr ' Reagan's
economic polio*. Mr Baldrige
said. Mr Reagan has postponed
a holiday at his California
mountain-top ranch to lobby for
the bill, in the face of a serious
rebellion by Republican “supply
side” economic conservatives,
who were once his closest allies.

Last week Mr Baldrige be-
came the first member of Mr
Reagan's cabinet to go public
with a prediction that the fiscal
1933 budget deficit would be
$20bn to $30bn higher than the
Administration's official mid-
year forecast of $115bn.

His estimate, with which
many Administration officials
would privately agree, put the
deficit nearer the $140bn to
Sl60bn predicted by the
independent Congressional
Budget Office and many private
economists.

Mr Baldrige now also
appears to be contesting the
“ supply side ” contention that
tax cuts promote economic ex-
pansion and thus lower budget
deficits. “ Unfortunately there
are not enough people in the
financial markets who believe
that tax cuts take priority over
budget deficits, he said in a
television interview.

Rather, he said, the markets
believed that deficits had to be
cut so that interest rates would
come down. If the SlOObn tax
increase went through, the tax
reduction over three years
would be $250bn instead of the
originally planned $350bn. he
said.

” I would submit that if we
had started out with S250bn.
so that there was no change
this year, there would have
been the same joy and dancing
in the streets, and the same
laudatory statements from the
supply-side economists. It's
still the largest tax decrease in
history.” he said.

It should have been clear
when Mr Reagan took office
that a recession was on the
way “ no matter what he would
have done,” Mr Baldrige
added.

The continuing slowdown in
July was independently con-
firmed in a survey by the
National Association of Pur-
chasing Managers, which*
reported that new orders con-
tinued to be weak and that
there was no evidence of
recovery in the industrial
sector.

In Washington, Mr Robert
Dole. Republican chairman of
the Senate Finance Committee,
said that unless Congress
passed the tax bill, “un-
welcome ” higher interest
rates and further - economic
paralysis could result.

UN group on slavery
meeting hears evidence

GENEVA — Five pesos (53.50)
is the going rate for Haitians
captured and sold to the sugar
mills in neighbouring Domini-
can Republic, a UN group on
slavery was told yesterday.

The London -based Anti-
Slavery Society — the world’s
oldest human rights organisa-
tion — said allegations of the
sale of Taitians were continu-
ing.

“A 10-year-old hoy was cap-
tured and sold to a sugar mill.
Five pesos was reportedly the
price of captives last year in
the border town of Paderaales."
the society said in a report to
the UN group, which began a
week-long meetitng yesterday.

The UN hody is being urged
by one of its members, British
human rights campaigner Ben

Whitaker, to take urgent action
to free and help rehabilitate
millions of slaves around the
world.

He said age-old forms of
slavery had been replaced by
new forms of servitude and
gross exploitation.

Listing these as the sale of
women and children, forced
marriage, prostitution, child
labour, and debt bondage, he
called on the UN to provide
legal and educational advice for
ending these practices and
funds to help freed slaves.

The anti-slavery society's
reports specially attacked India.
Brazil, and the Dominican
Republic.

Some 97 nations have signed
an international convention to
eradicate all forms of slavery.

Reagan’s
federalism
plan faces
setback

By Anstola Kdctsky in
Washington

U.S. State governors have
dealt a possibly fatal blow to
what President Ronald
Reagan regards as his most
important domestic policy
initiative, the “new federal-
ism " plan for shifting
Government programmes
from federal to state leveL

At 11s annual meeting in
Alton, Oklahoma, over the
weekend, the National
Governors* Association

decided to submit its own plan
for federalism directly to
Congress, sidestepping the
President’s plan, which has
been judged unacceptable
because it would allow the
federal government to dis-
own much of its present
responsibility for assisting the
poor.

The governors’ executive
committee, which has been
locked in negotiations with
the White House for six
months sinee President
Reagan unveiled his plan,
voted unanimously to draw
up its own proposals after
expressing intense frustration
with the attitudes of
Administration officials.

Mr David Stockman, the
White House Budget director,
came in for particular criti-
cism from governors of both
parties.

One governor said Mr Stock-
man had “tunnel vision”
about exploiting the federal-
ism initiative to shift the costs
of government on to the
states.

The governors’ chairman,
Richard SnelUng of Vermont
said there was little chance of
any agreement between the
Reagan Administration and
the states because of the
Administration’s refusal to
accept that the maintenance
of “decent” minimum stan-
dards for health and Incomes
was a federal responsibility.

State leaders from even the
traditionally conservative
parts of the country have
opposed President Reagan's
attempt to dispense with all
federal standards of income-
maintenance for the poor.

Although they may support
the President’s anti-welfare
stance ideologically, they are
concerned about any reform
that would ent the flow of
federal money to their states.

The governors were also
warned that they could face
enormous new costs if a con-
stitutional amendment re-
quiring the Federal govern-
ment to balance its budget
was passed.

Mr James Jones, chairman
of the House or Representa-
tives budget committee, said
that the amendment, which
was approved last week by
the Senate, could be pushed
through the house “ even
though the majority of House
members recognise the hypo-
crisy and folly of the pro-
posal”

ECGD likely to back Tokyo loan

BY PAUL BETTS IN NEW YORK

THE LARGE Hollywood studios
□re again trying to penetrate
Lb ? fas i-gr owing and lucrative
U.S. pay television cable busi-
ness with a deal which would
give three - of the country's
leading motion picture com-
panies a direct equity in pay
television.

The deal, expected to be
announced shortly, would give
paramount Pictures. Universal
Siudius and Warner Brothers a
25 per cent stake each in the
so-called pay television service

Movie Channel " owned by
Warner-Amex, the joint cable

venture between Warner Com-
munications and American
Express.

The three studios would thus
be able to participate directly
in the pay television business
which is currently dominated
by Home Box Office (HBO), the
pay service owned by the Time
Inc conglomerate.

In turn the deal, which would
strengthen Warner- Am ex's

acce=s to new motion pictures,
would help War ner-Am ex's
“ Movie Channel '* pay sendee
compete more aggressively
against HBO. which has 11m
subscribers compared to the

BY RICHARD HANSON IN TOKYO

BRITAIN'S Export Credits

Guarantee Department is
expected to guarantee a Y60bn
(£136m) loan extended by a
consortium of Japanese banks
as part of the financial package
accompanying a bid by Davy
McKee to supply steel plant to
the Philippines.

Apart from being the first
ECGD guaranteed yen loan, the
proposed credit would also be
the largest single yen-denomin-
ated loan ever extended to an
overseas borrower by Japanese
banks.

An additional Y60bn-worth
of financing could be extended
to cover phases two and three
of the Philippines steel contract
if Davy McKee is successful in

winning the bid. f

Davy McKee is the leader of
one of several International
consortiums seeking to win a
contract to build a 1.5m tons
integrated steel plant for the
National Steel Corporation of
the Philippines. The entire
project is expected to cost
around Y270bn.

If the consortium headed by
Davy McKee is successful a
substantial amount of equip-
ment procurement may -he
placed in Japan. Japanese
members of the consortium are
likely to include Kobe Steel
and the general trading com-
pany C. Itoh and Co.

To make the bid possible,
Lazards Brothers, the British

merchant hank, has been
successful in. winning agree-
ment in Tokyo from Japanese
banks for the yen loans. A.
precise breakdown of the yen-
credits being discussed was
however, not available.

Yen export credits, to finance
British exports were made,
possible in May, when the two
governments reached an agree-
ment. The Japanese authorities
have a similar arrangement in
the works with, the U.S. Export-
Import Bank.

Competition for. the Philip-
pine steel project appears to be :
intense. Apart from the Davy
McKee-C. Itoh group, there is
expected to be at least one
other aH Japanese bidder. ,

This has raised the possibility ;

of both 'the UK .and. Japanese
governments offering the Philip- ;
pines- “ soft ” credits to bolster
two. bids backed . by officia l ly. 1
guaranteed Teh export financ-
ing. ;

The Japanese Government is |
said, however, -to be cool -to. the.
steel project idea. The steel ln-
lustry in the rest of Asia, in-
c)udlng Japan! is-already suffer-
ing from, 'a prolonged recession
and needs no extra .capacity.

- - At * least four big Japanese
banks — Dia-ichi Kangyo, the
Long-term Credit Bank of
Japan, the Industrial Bank of
Japan, and the Bank of Tokyo
—are vying .to lead the'Lazazds
proposed credit.-

Indonesia
concludes
£74m barter

Concern over Saudi move on LPG prices

BY RICHARD JOHNS

SAUDI ARABLVS customers
for Liquefied Petroleum Gas —
propane and butane — are con-
cerned about the clear notice
given last week of the govern-
ment's intention to tie prices
in future to Arabian light
crude on a thermal basis.

Clarification will be sought
by the four U.S. major oil com-
panies with a stake in Saudi
Arabia. Exxon. Socal. Texaco
and Mobil, when their repre-
sentatives meet Dr Abdulhardy
Taher. Governor of Petromln,
the state oil corporation, in
New York today.

The current Saudi price is
$225 a ton for propane and
$255 for butane, giving an
average in tbe usual contract
sales package of about $240 —

about 85 per cent In terms pf
BTU thermal parity. Putting it
on an equivalent basis with
Arabia Light would give a new
price of up to $282 a tom

There was sufficient ambi-
guity in the message sent on
August 5, which does not refer
specifically to “full” parity,
to suggest that the indexation
might be open to debate and
discussion, however.

Any precedent would be an
important one. Saudi Arabia is
not only the dominant expor-
ter of LPG but any new
pricing formula enforced by it
would be followed by Kuwait,
the United Arab Emirates and
Qatar-

Objections to linkage are
based largely on tbe fact that
demand for LPG fluctuates Tar

more widely than for any other
fuel in the short-term and its
price has, as a result, been
relatively volatile compared
with crude oil. Last year
witnessed a large drop in the
price of LPG.

The Saudi move was not
unexpected. It was known to be
under serious consideration by
the special committee set up
by Petromln a year ago under
Mr Abdul-Aziz Turki. ■ Deputy
Minister of Oil, to consider the
question, of the pricing of LPG.

Tbe telex sent to customers
by Dr Taher also Implies that
Petromln may charge more than
the equivalent on a thermal
basis of Arabian Light for LPG.

It says that customers will
have the right to decrease
quantities If the price is.

increased “ to a level exceeding
lOO iper cent of BTU equivalent
of the posted prick of Arabian
Light.”

The four companies are also,
.anxious about the fact that
Petromvn want® to assume the.
power under proposed changes
to contract terms to cut
deliveries by cancelling phase-
out clauses. . .

Petromm’s. message calls for
customers . to say how much^
LPG they will, require and over
what period— with : a maximum;
duration of contracts of ’10
years rather, than the present :
4-5 years.

The implication Is that the
price linkage to Arabian light
crude on a thermal basis would
come into force from the begin-
ning of next y ear.

Rise in coal demand seen Swedish car sales revive

BY SUE CAMERON, CHEMICALS CORRESPONDENT

BY WILLIAM OllUFORCE IN STOCKHOLM

WORLD ' DEMAND for steam
coal will increase over the next
few years as more and more
electricity is generated in coal-
tired power stations, according
to forecasts in a report by
Sheppards and Chase, a City-
based firm of stockbrokers and
analysts.

The report says new coal-
fired power, stations are now
being built while oil-fired

stations are being converted to
coal. This will ensure “further
increases in demand in the
medium term,” although total
world demand for steam coal
in 1982 is predicted to stav at
1981 levels.

Sheppards and Chase says
world steam coal prices are cur-
rently being held down became
of surplus supplies from
Poland. B

CAR SALES in Sweden are
recovering after two years of
sharp decline. In the first
seven months of this year
121,236 new cars were regis-
tered, 13.6 per cent more than
in the corresponding period of
1981. according to figures re-
leased by the Car Industry
Association.

The field is led by the domes-
tice manufacturers, Volvo and
Saab, who between them sup-

plied 40 per cent of , the new
cars sold. - The Volvo ,200
models are 'at the top with
25.374 registrations while Saab
sold 11,766 of its 900 range. The'
smaller Volvo 300S, built in- the
Netherlands, took third place:

The Volkswagen/Audl group,
for which Saab-Scama acts as
agent, remained the third
largest supplier to the . Swedish
market with 12.38 per cent..

JAK ARTA — Indonesia has
concluded one of fir st
' counter-trade barter an«e-

• meats, worth g 127.6 m (£T4m L
with 10 foreign fertiliser sup-
pliers, the Indonesian

.jfinirtryof Trade said. '

' Th^ - lft twnpanfes, w*mt
tendered for 977,000 W** .
fertiliser, received Jheir
letters of award this month.

- Indonesia’s ' controversial

counter-trade policy^
duced last Janaary, st ipula tes

• that suppliers on Government
•contracts must . import
' Indonesian noboil and gas
products to the eRulvrfeiit
value of the materials they
bring into Indonesia.

-The 10 companies comply-
ing with the regulations on
the fertiliser contract were
■ named as Danubania- of I
' Romania: Fred Leker and Co
of West Germany; Kook Inter-
national of Singapore; three ,

. XJJS. companies. International
..Commodities Export Trading
Company, Amitrax . Corpora-
tion, and Sagita International;
Kali Bergbau GDR; Hartlndo
of Singapore; Japan’s
Mitsubishi Corporation, and
Woodward -Dickerson of
Singapore-
Renter .

NZ,' Indian deals
for Elkem

By fay G Jester hi Oslo

THE ENGINEERING division
of : Elkem, ■' the Norwegian
metal smelting and chemicals
group,' had won two contracts j
— with Iiidia and New Zea- ;

• land. : ..... j

The deal 'with New. Zealand l
. . covers the supply to New
Zealand Steel Development of .
two pig-iron. furnaces, with a
combined output capacity of
725,000 tonnes a year.

The sale to - India, worth
nearly NKr 140m, - is the
largest Elkem has concluded -
•with that country’s smelting ;
industry. A plant - able to pro*
duce 50,000 tonnes of -chrome >
yearly will he delivered to |
Indian Metals and Ferro-
Alloys.

Canada reopens debate on U.S. trade links

BY RICHAto MACJOE IN TORONTO

Hollywood bids for pay TV deal

Movie Channel's 3m.

This is the second time in
two years that major studios
have sought a direct interest in
pay television. The first attempt
involved a pay television net-
work called Premiere, involv-
ing Paramount. Universal.
Twentieth Century Fox, Colum-
bia Pictures and the Getty Oil
Company.

The U.S. Justice Department
blacked the venture on the
grounds that it would he un-
competitive. since the network
won Id have exclusive film rights
with the studios.

THE CANADIAN Government’s
decision to seek participation in
the consortium developing the
Airbus A320 aircraft has re-
opened the debate over whether
Canada shoul shift imuch of its
trade from the U.S. to Europe
and has resurrected regional
antagonisms aver the placing
of aerospace industry contracts
in Canada.

It- has also contributed to the
controversy over whether Air
Canada, a state-owned corpora-
tion wbch is Canada's major
airline, should be allowed to
operate as a private company
or should be used as an instru-
ment of government policy.

The option of shipping a
substantial portion of Canada's
trade from the U.S. to Europe
was vocally promoted by M
Pierre Trudeau early in his 14-
year career as Prime Minister.

He argued that Canada could
not have independent cultural
policies or its own foreign
affairs stance while so much of
its economy was tied to the U.S.
This has been a major argu-
ment behind such policies as
embodied in the Foreign Invest-
ment Review Act and the
National Energy Programme,
which are designed to dis-
courage foreign — especially
U.S. — ownership of industry in
general and of petroleum com-
panies in particular.

However, most of Canada's
historic trade lies are with the
U.S. Its proximity and the

similarity of its people make it
difficult to break these ties.

Even when Canadians take
over companies formerly owned
by Americans, they often end
up trading with the U.S. As a
result, about 70 per cent of
Canada’s * trade remains with
the U.S. — a slight increase since
M Trudeau became Prime
Minister.

The Government sees -partici-
pation in the European Airbus
consortium as a way to try to
loosen these ties.

Canada has a. sophisticated
aerospace industry which last
year employed 42,000 workers
and had exports of C$3bn
(£1.3bn). Much of this was
under subcontracts from U.S.
aerospace .companies such as
Boeing of Seattle, which is ex-
pected to develop a competitor
for the A320 and which has
been discussing Canadian parti-
cipation in its new aircraft.

Mr Pierre de Barre, the
Canadian Minister of State for
Foreign Affairs, argues that the
Airbus project would be advan-
tageous for Canada because it
would come off tbe assembly
line sooner and because it
■would give Canada participa-
tion in what he claims is “one
nF the greatest success stories
in marketing in recent years.”

It would also help a state-
owned corporation. Toronto-
based de HaviUand Aircraft of
Canada, which is the Canadian

The’ Airbus A320: centre of debate

representative in the talks with
Airbus. De Havillandfe strength
lies in building commuter air-
craft, but Mr John Sandford, its
president, says an * agreement
with Airbus would allow the
company to diversify its base.

The Liberal Party’s _ Quebec
caucus enthusiastically supports
participation in Airbus because
Quebec has been promised a
S500m aircraft plant and up to
2,000 aerospace jobs if the pro-
ject goes ahead. However,
English- - speaking " western
Canada, particularly the Winni-
peg area, is angry at what it
sees as another example of the
Liberal Government transfer-
ring jobs from it to French
Canada.

- Winnipeg has traditionally
been a major aerospace centre,
although in the past the Federal
Government has transferred
plants such as maintenance
centres from there to Montreal.
There are stiH several plants in
Winnipeg. including two
operated by Boeing, where over
tbe past eight months. 250

people have been laid off, reduc-
ing the workforce" to 325.

Job creation is a major poli-
tical issue in Canada and the
Liberal Party, which has only
two members of pariiament;
from western Canada, has little
to lose by shifting 1 jobs to
Quebec. -

But .the Liberal Party could
stiH lose politically if it were
seen to be interfering with the
operations of Air Canada. The
airline has a record for. safety
and efficiency which has earned
it a high level of public trust.

In the 1950s, it bought two-
British makes, the Vickers
Viscount and the VahgumdL
Since then it has bought all. its
aircraft from US. companies
including Boeing, McDonnell-
Douglas, which has a plant in
Toronto, and Lockheed, which
also has operations in Canada.

In total. Air Canada has
bought 46 Boeing aircraft,
ordered a dozen new 787s and :
has options for 18 more.
Canada's second largest airline,
CP Air, a unit of Canadian

. Pacific of Montreal, has acquired
30 Boeing • aiimft ’ Other
Boeing customers include most
of the larger airlines in Canada.

Only Wardair International of
Edmonton, Canada's largest air-
line, which has bought aircraft
from Boeing, has placed orders
with Airbus. Last year, it con-
tracted for six A 310s but It has
asked for two year delays in
the deliveries.

'.TTje more cynical among the
Canadian public see the Govern-
ment's action in opening
discussions with . Airbus as an
easy, inexpensive way briefly to
deflect criticism over its
handling of the .economy. This
cynicism will last - until . the
Government signs an agreement
which. - comfhlfs it to spend
money on the project rather
than merely engage In talks.

Boeing says it does not see an
urgent need to develop a new
150-seat airliner because of a
surfeit of current 'orders and
options. The market is soft
because of airlines' economic
problems, it argues. ;

Mr Tom Bacber,' director of
Boeing’s international business,
concludes: “In bur evaluation
of the current situation we don't
foresee a .demand for 150-
s eaters as soon as Airbus does.
The time frame for this (type
of) aircraft involves no great
pressure to. initiate a pro-
gramme this year." .

Anatole Kaletsky in Washington assesses Mr. Martin Feldstein’s likely impact on the U.S. economics team

Reaganomics recruits a heavyweight with a reputation to risk

THE REAGAN Administration
at last has an economist who
will be able to risk bis reputa-
tion in defending Reaganomics.
Mr Martin Feldstein, the
Harvard University professor
whom President Reagan nomi-
nated on Friday to be chairman
of his Council of Economic
Advisers, will be the first
economist who has any sub-
stantial academic reputation tn
risk to associate himself with
the Reaganomics experiment.

As one of Mr Feldstein’s
Harvard colleagues put it over
tbe weekend: “This appoint-
ment brings into the Adminis-
tration a much higher level of
capability than they have had so
far. He is a vastly more talented
person than any economist
they've had.”

To understand the possible
significance of Mr Feldstein’s
appointment, it must be appre-
ciated how low the Reagan
Administration economics has
sunk m the academic com-
munity’s estimation. The
Re aga£ economic advisers so
far have mostly been either
narrow specialists in fields with
limited relevance to the broad
macroeconomic crises which the
Administration has faced, or
have been so opinionated in
their previous academic work
that only other economists who
shared their preconceptions
took their researches seriously.

Although Mr Feldstein
freely admits to being a con-
servative and has provided some
of the most consistent empirical
and theoretical justification for
reduction in taxes and social
spending, he is fully accepted
by the mainstream of American
economists as an honoured
member of their fraternity.

Indeed this point has
apparently been high in the
minds of President Reagan's

4 It must be
appreciated how low
the Reagan
Administration's
economics has sunk in
academics’ esteem’

political advisers in choosing
Mr Feldstein. White House
offickalst have said they con-
cluded that the President was
badly served by a collection of
feuding “theoreticians’* with
narrow and incompatible views,
who reduced instead of enhanc-
ing tbe credibility of economic
policy. A widely respected and
less ideological voice was
needed, they said about MrFeld-
stein’s appointment.

On the other hand, Mr Feld-
stein will have to live with the
suspicion of some hardline con-

servatives in the White House
whq are concerned about the.
high reputation he earned as a
moderate Keynesian economist
during his four years at Oxford
in the 1960s and in his early
days at Harvard.

The fascinating question
about Mr Feldstein’s appoint-
ment is whether he will content
himself with a role as
apologist and occasional scape-
goat for Reaganomics in its
present form, or whether he
wtil press for a bigger share in
the formulation of economic
policy than that enjoyed by Mr
Murray Weddenbaum, his prede-
cessor.

Although the chairman of the
CEA is technically the chief
economic adviser to the Presi-
dent and the Cabinet, the real
power of the office depends
entirely on the balance of per-
sonalities within the Adminis-
tration.

Established in 1946 “to help
the President formulate a
national economic policy that
will provide maximum employ-
ment. production and purchas-
ing power under free competi-
tive enterprise.” the Council
reached its apogee of influence
with the Kennedy administra-
tion In the early 1960s, under
the chairmanship of Mr Walter
Heller.

The membership of the CEA
in the 1960s was a roll-call of

President Reagan . . . Feld-
stein would complement his
more ideological judgments

some a? the most distinguished
Keynesian economists in the
U.S., including two Nobel
laureates. Professors Paul
Samuelson and James Tobin.
The third American Keynesian
who has won a Nobel prize, Pro-

Martin Feldstein . . . “ vastly
more talented than any

economist they’ve had”

fessor Lawrence Klein, was a
merftber of the CEA during the
Carter Administration. But as
the number of professional
economists working in other
parts of the Government has
grown over the past 15 years.

the Council’s natural Influence,
has tended to diminish. ‘

Only powerful chairmen, like
Mr Alan Greenspan in the Ford
Administration and' Mr Charles
Schultze in the Carter period,
emerged to- become their
Administration's principal
economic policy makers -and
spokesmen.

Mr Weidenbaom was officially
part of a “ troika ” of economic
officials who talked directly to-
the President on a regular basis.
But the troika's two other mem-
bers, Mi; Donald Regan, the
treasury, secretary, and, Mr
David Stockman, the budget
director, were unmistakably the
senior partners. Although the.
CEA chairman attends more -
Cabinet meetings, be is not a
member of the Cabinet. The
budget director’s job. which had
a similar status in previous
administrations, was raised to
full Cabinet rank by President
Reagan and this has further
tended to reduce the. importance
of the CEA

If Mr Feldstein. who has hot
been offered full Cabinet mem-
bership, does manage to put his
imprint on Reaganomics, . his ,
past work points to two of tbe
most controversial areas of"
economic policy that may. be :
affected — the IQ ' per cent
personal tax cut announced for.
next July and the future of the
social security pension system. -

Most of Mr Fal cistern's recent
research has been on the debili-
tating effect of business taxes,
on investment . and of Govern-
ment pension . provisions on
savings. . He may torn out. to
be the Administration’s stron-
gest proponent of comprehen-
sive tax reform, with emphasis
on further cuts in business
taxes, possibly as a. substitute
for -some of the personal tax
reductions planned at present. .:

‘ The fascinating
•- question is whether
Mr Feldstein will
content himself with
a role as apologist and
occasional scapegoat 9 -

. He may be even more eager
to curb the growth of social
security. He hast, long' main-
tained that the' extension of
government pensions, particu-
larly to the middle classes, has
undermined society’s biggest
incentive for personal savings.
This he regards as one of the-
deepest causes of the decline
in private i n vestme n t and pro-
ductivity in the UJS^ economy.

• Mr Eeldstein’s . theoretical
views on restraining social
security, complement perfectly
the more ideological -judgments

■ of . President Reagan. Wh
there will be no action agaii
-social security before the Ci
gressioHal- elections
November, the 1984 budget
be presented to. the -new Ci
gross in January, is, wid<
expected, to address ti
politically explosive question.

In January, Mr Feldstein tn
that during 1981, a bold n
economic ’policy had been i
into place that could substai
ally - improve tbe performai
of ; the American economy
the 1980s and beyond.

: It was. important. he said,
judge the Administratio:
economic programme by

byifc failure to live up to t
naive shortterm • foreca
itnpfltel by the extreme sum
side theory.

In commenting on Mr Weidi
oaums replacement as C3
chairma n . Treasury secrets
Donald Regan, who is offlda
the Ad ministr ation's, ch
economic spokesman, has s;
fill’' iw. exceedingly dou
there “would be a
eco nomi c policy changes befr
Howeverfafte?
Noveafter . elections. W L
Mr Feldstein win UavewS
,-hbnseLf into his new jS ,

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UK NEWS

New product

County Council Labour leader warns of social security breakdown

plan by group in
De Lorean bid

ST KENNETH GOODfNG. MOTOR INDUSTRY - CORRESPONDENT

Arthur Smith reports on the decline of an area not used to long-term unemployment

THE British consortium which
hopes to acquire the De Lorean
Motor factory in Belfast from
the receivers would introduce
a new product to be made
alongside the sports cars, Sir
Kenneth Cork, one of the joint
receivers, said yesterday.

The three-strong consortium
has been in urgent talks with
a merchant hank about die new
product, which would be less
susceptible to seasonal demand
fluctuations as the cars, he
added.

Sir Kenneth spoke at Heath-
row before travelling to New
York with bis partner Mr Paul
Shewed for discussions with Mr
John De Lorean.

He refused to name the
partners in the consortium and
gave no details about the new
product, which he said would
need separate tooling.

■‘At the outset the workforce
would be fairly snaalL But I
would expect it to build up to
about 1,500 after two years.’*

The receivers were expected
to tell Mr De Lorean last night
that hi$ proposed rescue must
remain in the background white
the British consortium was still
in the running.

Sir Kenneth said in London:
“Mr De Lorean now says he
has the finance and I want to
see the evidence. I estimate
he needs about £15m for the
UK end nf the operations plus
between £4m and £5m for the
sates organisation in the
States."

' Most of the 3,000 De Lorean
cars which were in stock in the
U.S. when the company went
into receivership had been sold.
“ so production could start again
soon if the finance is there."

There was a good chance of
success if the money was found
and if the British consortium
couid arrange production of the
new product.

Meanwhile. Mr John Putt,
co-chairman of the Dt» Lorean
Suppliers’ -Consortium, whicji
represents about 200 companies,
said a solution for the com-
pany’s ftiture was still needed
urgently.

“The Government should
realise that a lot of people's
livelihoods are at stake.”

At least four mainland com-
panies had gone into receiver-
ship because of De Lorean's
problems. Many others were
awaiting the outcome of the
’receivers' efforts,

Mr Putt said the De Lorean
collapse six months ago put
about 6,000 jobs at risk in the
UK supplier companies.

“ Suppliers realise that if
production starts again it will
be on a reduced scale and they
have made changes to reflect
that. But the jobs of 3.000
people must still be at risk.
The Suppliers Consortium still
believes there can be a viable
future for Do Lorean Motor —
otherwise the receivers would
not be making such, efforts to
keep it going."

THE West Midlands may not be
able to cope with unemploy-
ment iffd poverty on the present
scale, Mr Gordon Morgan, the
county council's Labour leader
has told the Government.

'In a letter to Mr Norman
Fowler, Social Services
Secretary, he called for action
to prevent “ the social security
system's slide down the slippery
slope to a total breakdown."

- He argues that- staffing levels
In social security offices are
inadequate to deal with “the
massive increase in workload

created by the dramatic decline
of a once-prosperous area.”

Unlike Scotland and Northern
Ireland, the Midlands has no
experience of long-term
unemployment and poverty, he
says.

Pressure of work in local
social security offices was lead-
ing to lower staff morale, higher
absenteeism and greater turn-
over. Officers faced a backlog of
work resulting in hardships
for those in need of benefit.

Research by the county
council suggested nearly 280.000
people were drawing supple-
mentary benefit and were,

therefore, on the poverty line
according to the Government's
definition. At least another
100,000, either through pride or
failure to understand the
system, were not taking up
their entitlements.

The local authority maintains
that when families and depen-
dants are added to the 380,000,
the total represents a, consider-,
able proportion of the country’s
population of '2.6m.

Mr Les Collins, the West Mid-
lands officer of the National
Association of Citizens' Advice
Bureaus, says: “ There is an
absolutely appalling benefits
problem. The Department of

Health and Social Security just
cannot cope. Efficiency is going
down dramatically. It is a con
sequence of being flooded out."

The association, with 50
offices in the .region, 1 , 00(1
volunteers and up to 150 paid
staff, had been swamped by the
sudden rise in problems con-
nected with benefits, financial
difficulties and bad debt. Five
years ago such issues formed a
minor part of the workload.

“There has been a massive
increase in problems relating
to debt. Our Wolverhampton
office alone is likely to deal this
year with £lm of complicated
debts," Mr Collins said.

Such a situation was alien to
the West' Midlands, he said.
“This has always been a region
of high employment and high
earnings. People here take
pride in self-help and their
independence. They are reluc-
tant to claim benefits."

Recession had spread through
the social scale. "There are
pockets of mass unemployment
even in the plushest parts of
Birmingham." Mr Collins said.

The rise in the number of
unemployed executives had
been dramatic over the past two
and a half years.

“ For the high paid executive’
the shock is traumatic. There is

West Midla

REGION IN
RECESSION

no eamings-related benefit now.
The thought of having to ctoim
for supplementary benefit is
horrific. The sealing down of
expectations is more dramatic
for the man with the big house
and car, high rates and a mort-
gage”

Mr Collins does not sec any
easing of the financial problems
of the people of the West Mid-
lands: “It will get worse over
the next two years. So far we
are only scratching the surface."

Rescued company wins £fm order

BY MARK WEBSTER

WILKINS and Mitchell, the
West Midlands power press
makers, yesterday announced its
first major order since being
rescued from the receiver by a
U.S. company last month.

The Darlaston-based company
will make three 400 ton presses
for South Africa as part of a
£1.1 m order won by the parent
company Verson All steel Press,
based in Chicago.

The order is worth about
£500,000 to the British company
white the rest of the work will
go to Verson’s Belgian plant at
Charleroi.

Verson bought the assets
when the company faced almost
certain liquidation and agreed
to keep on the remaining 116
workers.

Mr Tim Kelleher, executive
vice-president of Verson, said:
“This order confirms our belief
in the export potential of
Wilkins and Mitchell presses."

The South African order has
been placed by Vaai Metal
Pressings of Boksburg, with
delivery scheduled for 1983.

Wilkins and Mitchell was
placed in the hands of the
receiver after it was bought by
the Birmingham-based indus-

trial holding company Centre-
way Industries which wanted 'to
keep Servis, the company's
domestic appliance business.

The receiver had started to
make niany of the employees
redundant when Verson stepped
in. The U.S. group bad wanted
to buy Wilkins and Mitchell
since the 1960s.

Recently, the group has been
surviving on the minimum of
orders and repair and mainten-
ance work. Verson hopes to
expand the range ’ of presses
Wilkins and Mitchell produces
by adding some of its own
transfer presses.

Bank of England adds to ‘eligibles’

BY WILLIAM HALL, BANKING CORRESPONDENT

THE BANK of England has
added 11 banks to its list of
institutions whose paper it is
prepared to buy during the
course of its daily money
market operations. Four
Japanese and three U.S. banks
are among those put on the list.
The new banks bring the total
number of “eligible " banks, as
they are known, to 114.

A little more than a year ago,
the Bank of England increased
substantially the number of
banks whose sterling accep-
tances are eligible to be
rediscounted for cash. The pur-

pose was. la expand the supply
of eligible bills, which play a
key role in the Bank's money
marker operations under ■ the
new system of monetary • con-
trols introduced' last year.

The Bank of England has now
granted eligible status to the
following institutions: Banco di
Roma, Central Tmstee Savings
Bank. Harris Trust and Savings
Bank. Industrial Bank of Japan,
Kyowa Bank, Northern Trust.
Taiya Kobe Ban!:. Tokai Bank,
Trade Development Bank. Wells
Fargo Bank and Westdeutsche
Landesbank.

Since the change in the rules,
the volume of acceptances in the
London market has more than
doubled, to £I2.3bn. The London
accepting houses, which tradi-
tionally dominated the market
have seen their share of the
market drop from 35.6 per cent
to 24.9 per cent during the last
10 months.

A large pan of the growth in
the market has been accounted
for by the U.S. banks, which
have more than trebled their
outstanding acceptances, to
£2.2bn.

AVON

BRISTOL

Henlys (West) Limited
154-1 56 Cheltenham Road
(0272)41552

BERKSHIRE

Irish to help victims of
IRA bombings in London

BY BRENDAN KEENAN, DUBLIN CORRESPONDENT

The Royal Dublin Society is
noted for borses and for mem-
bers happy to wear the
society’s badge incorporating
the English crown. It is there-
fore In a better position than
most to make a gesture in the
wake of the Irish Republican
Army bombings in London.

The society announced at
the Dublin Horse Show last
week that the . Bines and
Royals had accepted Its offer
to replace the horses kilted
In the Hyde Park bombing.
It also set up a fund for the
victims’ widows and other
dependants.

Yesterday the society said a
substantial sum bad been
paid. It had also received
man)' Inquiries about the fund
from all parts of Ireland. How
much had been raised was
not revealed.

The society may not be
typically Irish, in style or
membership, but the response
to the fund suggests a deeper
than usual unease in Ireland
about the London bombings.

The society's appeal follows
a decision by restaurateurs
in the resort of Kinsale, Co
Cork, to display notices ex-
pressing regret over the
bombings.

What seems to worry many
Irish people is that the bomb-
ings, so soon after the row
over the Falklands sanctions,
may poison relations not just
rbetween the governments bnt
between the peoples of the
two countries.

Correspondents in Irish
newspapers suggest a signifi-
cant number think Mr
Charles Haughey’s stanee on
the Falklands crisis did not
take account of ihc impact on
relations with Britain and the
effect on tourism and trade.

Even those who support his
stance agree there are few
substantive differences be-
tween the two governments.
The society’s initiative may
help to lessen the emotion
which threaten Anglo-Irish
relations.

SLOUGH

New Sloygh Motor Co. Limited
134 Bath Road (0753) 37234

BUCKINGHAMSHIRE

CHALFONT ST GILES
Pheasant Hill Garage, London Rd
102407: 3045
MILTON KEYNES
Davenport Vernon Limited
Wa King Street
105*06)793 11
CHESHIRE
ALTRINCHAM
Arden & Bull Limited
16 Stockport Road
061-941 4111

HAMPSHIR E
ANDOVER
Henlys (West) Limited
278 Wey hill Road
(0264)3781
BASINGSTOKE
Webbers, New Road
(0256)24561
BOTLEY

Sparshatts, Southampton Road

(04892)5111

FLEET

Thomas Day Motors Limited
66 Albert Road
(02514)3303

LONDON (GREATER)

NW1

ArmiL3ge\A&lker
128 Gloucester Place
01-4860831

Clarendon Car Service Limited
85-89 Camden Road
01-4852381/6667
5W18

HL Austin & Son Limited
60-62 West Hill Road
01-870 8667
COULSDON

Smrttum Garage Ca Limited
110 Brighton Road
(07375)56011 '

NOTTINGHAM
Walkers Garage Limited
Victoria Road, Netherfidd

(0602)616160

OXFORDSHIRE

WANTAGE

Segsbury Motors Limited
32-38 Newbury Sheet
(02357)3993
WITNEY

Kemahan of Witney
67 Higll Street (0993) 3924

SHROPSHIRE

NEWPORT

A Fowdi&SonslO High Street
10952)813767

'? STRATHCLYDE

t GLASGOW

Haldanes of Cathcart
152/1 SO OarkstoneRoad
041-6372234
GLASGOW

Queensborough Motors
21 5 Queensborough Gardens

041-3571234

SUFFOLK

GLEMSFORD

Harry S.Left3 EgremoiUStTCfit
(0787)280210

CHESTER
A/lore & Gamon
17-23 Nicholas Street
(0244) 315477

CLEVELAND

Ireland expels RUC men

MIDDLESBROUGH
Mi nones Limited
Dixons Bank Marlon
C3642) 317171

BY BRENDAN KEENAN IN DUBLIN

CLYWD

THE IRISH authorities may
lodge a protest over an incident
south of the border Evolving
four members of the Royal
Ulster Constabulary in which,
it is, alleged, some of the
northern policemen drew
handguns.

They had been challenged
about their identity by a hostile
crowd in a ballroom in
Castleblaney, County Monaghan,
a town about five miles inside
the Republic.

The RUC in Belfast said four

officers had been suspended
ponding further investigations.

The RUC men were escorted
hack to Northern /reland by
Irish police even though, by
carrying weapons, they were
breaking Irish law. Sources in
Dublin said all four were
armed.

The incident is viewed wilh
considerable concern by officials
in Dublin, especially in view of
the current delicate state of
Anglo-Irish relations.

HOLYWELL

Hillcrest MotorCa, Haflgm Road ■
(0352)711711

SOUTHAMPTON
Dibden Puriieu Motois Limited
Beaulieu P.d, Dibden Puriieu
(0703) 843207
WINCHESTER
Henlys (West) Limited
St 5withun Street
(0962)68461

HERTFORDSHIRE

BERKHAM5TED

Roy Chapman Ltd, London Road
(04427)71234

CROYDON

Henlys (South London) Limited

399-403 London Road

01-6842230

FEJJHAM

I Gibbs Limited

Great South West Road

01-751 3377

HENDON

Henlys (Central London) Limited
The Hyde, Colindale
01-2054031
HOUNSLOW

Henlys (West London) Limited
Henlys Roundabout, Bath Road
01-5709666

CUMBRIA

CARLISLE
County Motors

Montgomery Way, RosehS Estate
(0228) 24387

DEVON

EXETER

Mumlords, Mach Barton Road
(0392)37152

DORSET

Receivers to close 42
Eastern Carpets stores

BOURNEMOUTH
Henlys (West) Limited
16-18 Poole Road
(0202) 766031
VERWOOD

OHons Limited, Station Road
(0202)825121

DYFB5

EASTERN CARPETS stopped
tri/Iinj; at its 47 branches
yesterday as receivers for the
company said all but five of the
stores would he dosed.

Receivers were called in last
week, at the request of the
Eastern directors, after the
company ran up losses of f Hm.

Mr Anthony Houghton, one
of the joint receivers from
chartered accountants, Touche
Ross, said yesterday that all
stores would stop trading for a
few days. It was hoped they
would reopen 'cfcyards the end
of the week for an unspecified
period before closure of 42

Ruislip, Edmonton and Falkirk.

Three people have approached
the receivers to buy the
reduced-size business.

Mr Houghton said it was too
early to say whether the
approaches front potential
buyers would bear fruit.

Eastern Carpets was set up
about 20 years ago. and its
Watford operation, from where
it supplies retail customers,
trades under the name of
Anthony Stuart.

Mr Houghton said that people
who had paid deposits for
carpels ■would lose their money,
unless the carpet had already
been wrapped and was ready

HAVERFORDWEST
Grwns Motors Limited
Salutation Square
(0437)4511

ESSEX

CLACTON

Bryans Garage, 107 Old Road

(0255) 424128

HORNCHURCH

Frost Brothers, 68 * 30 BlefLane

(04024)46772

HUTTON

Hutton Ganges, 661 Rayiejgh Rd
(0277) 212 677

braiwi jes. .... .

Mr Hoqghton said 80 of the . for despatch,
company's ISO employees would Mr Aubrey Wilier,
bo ' made redundant, but most
of the staff at its headquarters
in Watford would be retained-
for the time being.

'Hie stores to stay open are

at Colchester, Portsmouth,

GLAMORGAN (MID)

company

chairman, said last week the
company made profits of
between £ 100.000 and £ 200.000
a few years ago. Higher costs
and a fall in trade had hit them
hard over the last two years.

EL workers vote on

ABERDARE
Aberaman Motors
325/326 Cardiff Rd, Aberaman
(0685)878594

GLAMORGAN (SOUTH)
HOWELLS OF CARDIFF
501 Newport Road
(0222)495591

BOREHAMWOOD
Clarendon (Hsiree) limited
BstreeWiy
01-9535211
LETCH WORTH
BaldockA Letahworfh Motor
Ca Ltd.Wbris Road
(04626) 73161
WH.WYN GARDEN
Henlys (ML London) Limited
SLan bo rough Road
(07073)29699

KENT

ORPINGTON
■Oipington ServfceSfeiion
58 Chfciehuret Road
(0689)75142

LANCASHIRE

ACCRINGTON

Gilbraith Cars, Whalley Road

(0254)34826

LEYLAND

AzerbyLtd

Station Gange, Preston Road
(07744)52311

It's time you got to ’ 5 door Austin Ambassador

know British Gar Rental: the and the prestigious new

newest name in car and van Rover Each giving everything-

hire and the fastest growing, you could ask of a hire car,

We are opening new especially great fuel economy,

offices throughout Britain and Our cars and vans are

we already have 90 across the always in tip top condition
country with dozens more on inside and out, because they

MUSWELLHILL
PdlrrisvJle Garage Limited
202/4 Colney Hatch Lane
01-444 7231
WEMBLEY

VAjnbley Motor Co. Limited

7 Wembley Hill Road

01-9028585

W1LLESDEN

Stiatsone Limited

290 Willesden Lane

01-4597757

LEICESTERSHIRE

EMPLOYEES, AT BL's S4 car
factories are to vote in the next
few weeks on three options for
summer:bolidays.

They are; to defer for one
week the" two-week summer
break, which Mis in the last
two weeks of July; defer it for
one week, ad a week from the
Christmas break and thus have

three weeks* holiday; or leave
the arrangements as they are.

BL and local authorities
recently met in Oxford to dis-
rti$s the overlap of the schools'
summer term and the summer
holiday.

The meeting derided that
education and industry would
best be served if the holiday
was put back one week.

GLAMORGAN fWEST)
FLFTCHBtS OF SWANSEA
511 Carmarthen Road
(0792)586186/588141

• GWENT ,

CWMBRAN
Newtown Motors
12 Somenet Ind Esfale
(06333)5251

GWYNEDD

LLANFAIRPWLL

Automobile Palace {Anglesey lid.
(024SJ 714355

LEICESTER
South Leics. Garages
H«h Street Evington .
(0533)736529
LOUGHBOROUGH
Mann Egwten Limited-
Bedford Square
(0509 32410
OAKHAM

Victor Wood, Burley Road
(0572)2657

LINCOLNSHIRE

GRANTHAM

RM-Wrightl 2-13 North Street

(0476)61066

LINCOLN

RM Wright. Outer CWeRoad
<0522)42153

the way.

By operating from
premises owneoby Austin.
Rover Dealers, we can offer
for hire an impressive range
of newly registered, low
mileage cars and vans* all at
highly competitive prices.

And because our fleet is
built solely around the new
generation of Austin Rover
cars, we hire the finest cars
on British roads including
the Mini, the award
winning Austin Metro,
the totally equipped
Triumph Acclaim, the
spacious Morris Ital, the stylish

are serviced and maintained

MANCHESTER (GREATER)
MIDDUETON

CC McRae, 96RodidaJe Road
061-6-134317

by factory trained technicians [g”g u , l «^ mita 4- tohn

SALFORD '

tight Oaks Garage, Lancaster Rd

WOODBRiDGE

Fairhead 6 Sa wyec Melton Road

(03943)4386

SURREY

KEW

Westons Garage, 97 North Road

01-S76S286

RICHMOND

West ons Garage, High Park Road
01-8786793
SANDERSTTEAD
Leathwoods Umiled
359 Umpsfield Rd.

South Croydon 01-6570941
WALTON ON THAMES
HWMotots New Zealand fine.
(09322) 20404

SUSSEX

BRIGHTON

LeeMolora Limited Church Place

(027?) 684022

CRAWLEY

Crawley Down Garage
Snow Hill, Copthome
(0342) 713933

TYNE & WEAR

NEWCASTLE

Osbornes Garage, 87 Osborne Rd

(0632)811677
SOUTH SHIELDS
Streamline Garage^ Burrow St.
(0632) 562451
WASHINGTON
Vflla^o Lane Garage
Village Lane. Distnct4
(0632) 460607

WEST MIDLANDS

BIRMINGHAM

■Oieylesmare Garage

5 la I ion Road. Mareton Green

021 -77P 2261

SMETHWICK

Davis Motors. Roife Sheet

021-558 2334

f 4

in properly equipped
workshops.

So call your nearest
British Car Rental specialist .
today. After you've said Hello,
you'll neverwantto say
goodbye.

•VSns not available at aF depute.

1 British
Ctsr

Rental

The big, new name in carand van hire

061-789 1774

MERSEYSIDE

LIVERPOOL

£.F.Ayere Limited

84-88 Rose Lane 05 J-7242377

LIVERPOOL

IB. Hepburn Limited

48 BridgeRoad, Blunddkands

051-9243913

NORTHAMPTONSHIRE
•RUSMDEN- -
Townsends (Garages) Limited
58 High Street South
(09334)59111
THRAPSTON

Thrapston Garage, Bridge Street
(08013) 2707 ■

WELLINGBOROUGH
-kcud GreenMotors
Si Johns Street (P333) 22737 7

NORTHUMBERLAND ~
BEDUNGTON .

Lion Garage, 70 Glebe Road

(0670; 823244

NOTTINGHAMSHIRE

MANSFIELD
Mann Egerton Limited
Southivell Road Wtest
(0632)31331

SOLIHULL

Solihull MotorCa Limited
707 Warwick Road
021-7053028
WEDNESBURY
WedrjesbuiyMobr
Services ltd, Holyhead Road
021-556 1317

WILTSHIRE

MALMESBURY

Ady es Ga rage; Bristol Road

(0666212894

SALISBURY

Henlys (Wat) Limited

Southampton Road

(0722)5251

YORKSHIRE

ARMTHORPE

Armlhorpe Motor Ca Limited

Churrh Street

(0302)831324

BRADFORD

Albert FameJI Limited

3 8 Manningham Lane

(0274)32444

BRADFORD

Sl Enochs Garage

St Enochs Road, Wibsey

(0274)672967

HALIFAX

Halifax Autocall
Shay Lane, Ovenden
(0422) 56563

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UK NEWS

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■■ J.06S|b

Voluntary
unpaid work
scheme
launched

By Philip Bassett,

Labour Correspondent

THE GOVERNMENT launched
yesterday a two-year £Sm
. scheme which will provide
opportunities for unemployed
people to perform unpaid
voluntary work for the com-
munity.

Under the scheme, which was
sharply criticised by uuions
when it was suggested last year,
projects will be concurrent with
other Manpower Services Com-
mission (MSCt programmes for
the unemployed and. in par-
ticular. with the new Commun-
ity Programme Scheme for the
long-term unemployed. Ex-
amples are: local community
schemes, adult educahnn classes
for the unemployed, centres for
skill and other training, and
contact work between voluntary
centres and unemployed people.

Sponsors of particular
schemes will apply to the MSC
for money. They should make
f«rt» use of existing resources,
particularly premises, but. if
necessary, the MSC could meet
all approved costs, up to a
maximum of £75,000 for any
single project.

Payment for the cost of
premises must not exceed 60 per
cent of total MSC support. Costs
of materials and equipment
must not exceed £7,500, or
£15.000 for a community work
project.

Staff taken on to organise
the project will be paid a
maximum of £39 a week for
clerical staff, with bigher rates
for project supervisors. AH
staff must be recruited from
the ranks of the unemployed.
Unemployed people taking part
in the schemes will be unpaid,
but may claim reimbursement
of £5 a week for [ravel costs.

Recruitment n£ staff for pro-
jects will be organised through
existing job centres and employ-
ment offices, with priority given
to the long-term unemployed.

The MSC believes that the
scheme will provide the un-
employed with constructive
activity which might develop
their skills, provide preparation
for work and put them in touch
with community projects and
other voluntary work. Partici-
paiann will not affect most
entitlements to state benefit.
There will be no enforced
attendance and ho set hours.

The scheme drew scathing
opposition from trade unions
when it was first floated by
Mr James Prior, then Employ-
ment Secretary, and when it
was formally announced last
year by the Prime Minister.

However; it now seems to
have the approval of the three
TUC members of the MSC. ft j
was welcomed yesterday by the
main voluntary organisations,
which have been closely
Involved in consultations over
the new programme.

ICI to expand U.S. investment

BY RAY DAPPER

TMPERLAL Chemical Industries
is investing £-12m ($54mJ in its
U.S. plastic him business in the
wake of its decision to postpone
a chemicals expansion project
in the north-east of England.

The company has also heard
that the French Ministry of
Industry has authorised its
proposed acquisition of Produils
Cbimiques Ugioe * Ku him arm’s
tPCUK) loss-making dyes and
pigments business. The deal,
still being negotiated, is thought
to be worth about £5Qm.

The expansion of ICI’s over-
seas activities coincides with its
retrenchment policy in the UK.
It was learned at the weekend
that the company has deferred

plans to build a £100m*plus
methanol plant on TeesskJe in
the north-east In addition, ICI
is co-operating with BP
Chemicals in a reorganisation
of the UK chemical industry,
which will Involve the closure
of a low-density polyethylene
plant at Wilton on Teesside.

The U,S; Investment will
involve an increase of about 25
per cent in ICI America’s

Virginia, will increase the total
production capacity to 42,000
tones a year by early 1984. ICI
supplies about a fifth of the
110,000 tonnes of polyester film
North America consumes each
year.

Melincx film, developed in the
UK by. ICI, is also manufactured
'at Dumfries, Scotland, and
Rozenburg. the Netherlands.
ICI said its strong manufactur-

capacity to produce Melinex mg presence in North America
polyester, film, a plastic product - had made the company better
used in. the packaging, micro- known, there and ' had thus
■film, reprographic, photogra-'. increased its orders there. This
phic, .computer and video-tape had led to more imports' to
markets. . North America from ICTs Euro-

The expansion. at •• ICI pean plants.

America’s Hopewell site in In France, the Produils

Chimiques Ugine Kuhlmann
said that negotiations over the
sale of its dyes and pigments
business was continuing. The
company said that the business
accounted for about 10 per cent
of its FFr Sbn (£673m) annual
turnover.

According to the French
Tndustrv Ministry, the sale of
PCUK’s dyes sector to ICI
would be the only way fn which
the activities could survive in
France.

If the deal goes through. ICI-
will become the fourth biggest
producer of chemical colourings
—after Bayer and Hoechst of
West Germany and Ciba-Geigy
of Switzerland.

Abbey National’s 7-day account on target

BY ROSEMARY BURR

ABBEY NATIONAL’S seven-
day account, launched on
August I. has had an enthusias-
tic response. About £100ra has
been deposited with Britain's
second largest building society
in accounts paying 13.57 per
cent gross {9.5 per cent net) —
half as much again as the
equivalent return on a clearing
bank account.

Savers in the account will
have to give seven days' notice
in writing before withdrawing
their funds. Bank customers
with a deposit account can get
their money immediately by
foregoing seven days' interest.

Abbey National decided yes-
terday to continue its contro-
versial scheme in September.
From 'September 1 the return
on the seven-day account will
be reduced to 8.5 per cent net .
of basic tax in line with the 1
per cent cut in building socie-
ties’ basic rate which comes
into forceon that date.

Abbey National said it may
reduce the return on the
account further without waiting
fur another cut in basic rate
“ if we get too much money hi.”
At present it says it is on target
for 1100m a week.

It is not dear yet what pro-
portion of (he £i00m placed in
seven-day accounts Is simply
money from existing customers
who have switched their funds
from less attractive building
society accounts. Abbey
Natiunal estimates that about
60 per cent of the money is

from new customers.

Mr Stewart Legg, National
Westminster Bank's planning
manager, reacted in a low-key
manner. “There is no guaran-
tee on the rate on Abbey
National's seven-day account
We will wait and see how h
shakes out in the lunger term.”

Comparing Abbey National’s
scheme with a bank deposit
account, Mr Legg argued,” our
uwd deposit account is more
flexible, as you can get
immediate access to your funds
and there is no restriction on
the amount of money in' a
deposit account’’

In addition to the seven days’
notice, savers with Abbey
National will have To maintain
a minimum balance of £100. The
maximum deposit is £20,000. ■

Banking Information Service,
which represents the clearers
said, '* a figure of £I0Gm is small
so far in relation to over £I0bn
on deposit accounts at the
London clearing banks.”

Looking to the longer term,
Lhe BIS was less sanguine.
“ Abbey National's ability to pay
depositors a rate which is
significantly higher than money
market rates underlines the
problem than bankers have in.

Banks cut mortgage rates

BY OUR BANKING CORRESPONDENT

BARCLAYS BANK and
Midland Bank have followed
the building societies and the
other main clearing banks,
and have reduced their home
loan rates by 1} percentage
points. The two “banks' new
rate is 12.5 per cent.

There had been uncertainty,
after flic building societies
decided to cut their rates last
week by Ij percentage points
to 12 per cent, that the clear-
ing hanks might use that
change as an opportunity to
bolster their profitability and
not match the societies’ cat

Banks ' have been
.embarrassed by the demand

for mortgage funds, which' has
grown rapidly In recent
months. By not cutting their
mortgage rates by the full Ij
percentage points it was
argued, the hanks could
dispel some or the demand.

However, the banks are
conscious that this sort of
action would lay them open
to criticism from the building
societies, which have argued
that the banks were only
temporarily interested In the
mortgage market.

• The banks have demon-
strated their commitment to
the home loan .market by
matching the societies' reduc-
tion In rates.

competing for personal deposits.
This is a matter of increasing
concern among bankers and it is
a prime reason for Barclay's,
decision to start opening on
Saturday again.”

.Although the other major
building societies initially
responded angrily to Abbey
National's seven-day account,
the Woolwich and Nationwide
said yesterday that there was
no evidence that they were
losing funds to Abbey.

One building society, how-
ever. privately voiced the fear
that smaller societies, seeing
an exodus of investors, might
be pushed into following Abbey
National. “We: are all very
vulnerable to someone else
doing a short-term offer from
September 1." the society
admitted.

The Department of National
Savings is also clearly worried
by the building societies ability
to attract funds. The depart-
ment. which last month
launched a monthly savings
account, said Abbey National's
launch and yesterday’s issue
from the Alliance Building
Society, the first index-linked
savings scheme from a building
society, put it under added
pressure.

The Department is running
behind schedule in attracting
funds If it is to reach lhe Gov-
ernment's £3bn target by March
31. 1983. The first quarter of
fiscal 1982/83 saw a net inflow
of only £368m.

Teacher-training cuts proposed

THE Government is planning to
cut the number of English poly-
technics and colleges, outside
universities, which provide
teadier-training by 25 per cent

Of the 68 institutions in-
volved, 14 may lose aM teacher
training courses. In two other
cases, pairs of colleges fairly
close together are planned to
merge their courses.

The proposals, announced in
London yesterday, follow the
Government's decision to
change the emphasis of teacher-

training froth secondary to
primary schooling to take
account of birth-rate trends.

The school population would
fall by -more chan 1.5m during
the ten years to 1985. said Sir
Keith Joseph, Secretary for
Education and Science. "Bat
the number of children in
primary schools will begin to ■
rise again in the mid-1980s.

“The logic of the situation
impels us to treble the number
of newly trained primary
teachers and to cut by about

one-third the number of new
secondary teachers," he said.

Removal of teachers’ courses
is planned at the Polytechnics
of Huddersfield. Leicester,
north east and north London,
north Staffordshire, Teesside,
and Thames, and at another
seven institutions.

The Government's plan was
swiftly denounced as “ stupid "
and against the national
interest by the National Union
of Teachers.

CORFO

CORPORATION DE FOMENTO DE LA PRODUCOON

International
Public Tender

Shares of
Banco Continental

(CONTINENTAL BANK) .

The Corporation de Fomento de la Production, CORFO

(Chile’s Production Development Corporation) kindly requests
investors to submit offers for the purchase of 27,523,954.
shares of BANCO CONTINENTAL which represents 55,05%
of the share capital of the Bank.

Rules and Background data covering this tender are available
to investors, at Moneda 921, suite N° 822, Santiago, Chile,
subject to payment of a $ 5,000 fee (or US$ dollar equivalent).
Proposals should be forwarded in a sealed envelope, in
duplicate, to: Vicepresidente Ejecutivo, CORFO, 'Moneda 921,
suite 825, Santiago, Chile, no later than 10.00 AM, September
27, 1982.

All proposals will be opened before interested parties by
CORFO'S Secretary General, who will administer this activity.
CORFO reserves the right to accept the offer which, in their
judgement, it deems to be in their best interest, or to reject all
offers without offering explanations.

This tender will be conducted in accordance with the faculties
granted by Law Decree N° 1068 of 1975, without being subject
to the prescription of Law N° 18045.

MINISTER EXECUTIVE VICE PRESIDENT
CORFO SANTIAGO, CHILE

Sweets factory
in Liverpool
faces closure

By James McDonald

BARKER Sr DOBSON, the con-
fectionery manufacturer and
retailer, is to close its Liverpool
sweets factory, which employs
□early 370 people, by about the
end of the year. The company'
hopes lo be able to employ
between 100 and 150 of the
workers at one of its other two
factories, at Bury or Nelson.

The decision to close the
Liverpool factory follows the
company's announcement in
June that it was to dose down
its unprofitable Irish confec-
tionery manufacturing subsi-
diary in Dublin, Lemon and Co.
with the loss of more than 100
jobs. .

The news yesterday was not
unexpected. The company's
Board stated in June that it
had begun a rationalisation of
manufacturing capacity to
maintain profitability of the
group.

Employees in Liverpool were
told yesterday that Barker St
Dobson was unable to sell its
confectionery profitably, and
keep its current manufacturing
capacity, and that Liverpool
production could be made up
by the Bury and Nelson fac-
tories.

Railbus
contract
for Leyland
Vehicles

By Mark Webster

LEYLAND VEHICLES CLV)
will win the contract to build
the first 20 bodies for the BR
Railbus, the Ughweight rail-
way carriage based on a bus

superstructure, . it was
confirmed yesterday.

.: But BR said nothing had
been decided- about suhse
quent .orders, opening the
way for competition from
hard pressed companies like
Metro-Cam mell in Birming-
ham.

The Government will soon
announce its approval of the
Railbus scheme although
progress may be held up by
the BR's current acute
financial troubles.

Initial investment is in the
region of only £6m hut the
£240tn- which BR estimates it
bas lost through strikes has
made it hard for the railways
to continue with any fx^fih
projects.

Work on the underframe
will be done by British Rail
Engineering (BREL) which
faces closure o fits Shildon
plant and staffing cuts at
Horwicfa, Swindon and Derby.

BREL said yesterday that
it had plenty of spare capacity
to cope with any. orders for
the underframe - of the
Railbus but could not say yet
where the work miefat go.

The two pre-production
units have been constructed
as a joint project with
Leyland which would make it
difficult for BB to change
manufacturers at this stage.

But Metro-CammeU said
yesterday it was “ very
interested ” in the project
and although it had received
no approaches from BR it
would be making its own
inquiries into future manu-
facture of the Ralihus.

The Railbus will he a much
lighter carriage than the
Diesel Multiple Unit which it
will he replacing and will sit
on only two axles.

The suspension is a spin off
fropi the Advanced Passenger'
Train and ' should guarantee
that the new carriages are
quieter than road buses.

Banned drag helps
skin disease cases

OPREN, the drug developed
for arthritis bat banned
because of serious side
effects, may be effective
against psoriasis, a skin
disease affecting nearly 2m in
Britain.

The case of a man whose
psoriasis disappeared while
he was taking Opren for
arthritis prompted consultant
Dr Roger Allen to give it to
14 patients at the dermatology
unit of Nottingham University
teaching hospital.

Some improved within 24
hours. Others failed to benefit
and one dropped oat of the
trial because of gastro-
intestinal side effects.

Dr Allen, who has stopped
further trials but is continu-
ing to give Opren to three
“very bad cases" under strict
control, is writing to the Com-
mittee for Safety in Medicine
asking them to take his
results into consideration
when deciding the future of
the drug.

Labour Party team
to meet CBI leaders

BY PETER RIDDELL, POLITICAL EDITOR

THE Labour Party’s economic
team will meet Confederation
of . British Industry leaders
today to discuss the economic
outlook, in a move which . is
likely' to provide further embar-.
Tassment for The Government.'

The meeting, at the request
of Mr Peter Shore, the shadow
Chancelor, is intended to find
out more abour the CBTs view
of the state and prospects of-
the economy, after its gloomy
quarterly industrial .trends sur-
vey oh Wednesday. .

The CBI was yesterday
regarding the meeting as part
of its routine contacts with all
political parties rather than
anything exceptional to do with
the Economic debate.

The confederation denied it
was lining up with Labour since
the party's policies on reflation,
planning agreements and with-
drawal from the EEC would do
nothing for British industry.

The. Labour team is not pri-.
manly -aiming to press its own
alternative' strategy but wrlJ in-
stead try to establish the decree
of common wound with the CRT.
both .on Labour's view that the

main problem now > fack of
demand, and about the neces-
sary measures to put theoconoy
right,. 1.

, The [principle labour aim Is
to take advantage of -the con*
f roVeisy ahodi; the economy, end
recent jdopmy forecasts to show
that .its criticisms of the
Govemfent arc shared by indus-
trialists. , Ministers have been
trying to mount a counter oflen-'
stve -.ftbmit-'i£e CBTs .gloomy
view. .

A meeting between the SCBI
and an opposition party tn
these .circumstances is note-
worthy but not exceptional. Mr

Shore amntis shadow team have
met CBT leaders occasionally, m
the past and Sir Terence
Rpekelt the Confederation's
director general has attended
•party backbench meetings, •

The Labour team wrlL consist
of Mr Shore with Mr Robert
Sheldon, and Mr -Tack Straw, the
r.BT side v»ll consist of Sir
Terence. St* - Donald Mac-
Dougalt. Hie CBI's senior econo-
mic adviser, and Mr Charles
Burton who is- responsible for
the intention survey.

Four star petrol retail price
rises to 173p per gallon

BY RICHARD JOHNS

FOUR STAR petrol will cost
172p-173p. per gallon from
today as major oil distributors
follow the lead set hr Shell
last week in announcing an £p
cut in price support for
dealers.

Exxon. British Petroleum.
Texaco and Mobil all fell into
line with Shell. They expressed
relief at the prospect of cutting
losses and warned of the need
for more increases if the
industry’s refining and market-
ing. operations were to he res-
tyed to a modicum of profit-
ability.

Some shadow of doubt con-
tinued to rest over Cnn«>co
which triggered off seven
weeks of warfare at the petrol
pump by announcing in June a
policy, of chanting a penny less
per gallon on than any com-
petitor in any given locality.

Mr H. K. Bowden, Conoco
chairman, confirmed last night
that the rate for the company’s
Jet brand would rise. He was
unable to say. however, by how
much. He said it would not be

a consistent price because both
the timing and the amount
depended on the market in any
particular area.

Clearly Conoco does nnt want
to rennunre its image as the
market's most aggressive force.
Mr Bowden said sales of JeL
vhirii previously had about
5 n^r cent of the market, bad
increased. He declined, how-
ever. to reveal tiie extent of
tho growth.

He s»id price-cutting had

nrrHrjj the competitive advan-
laae enioved bv Cnnorn's
Humher refinin’ and that bis
"nmiwnv had suffered with the
rest Thn inrinstrv could not

euntinue iiy*efiT* 5 t«lv Wltil such

low oriels, he said

A mono runner’s eomtietilnrs
Hierp ic a f-npspnsns that a price
frnm I7d.n tn IROn a gallon for
ffiur-ctsr netml is rwirirud fnr
a eirintT muosiirn of nrofitahjlitv.
rnoinarod v'th sn am?"* pre*
i-a : Hnr we*»k nr tfiSn tn
1«tn with marked ]a- higher
rates in the more Temnte rural
areas.

Heavy truck sales show
no signs of recovery

BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT

Banks to examine
Channel link

MIDLAND BANK and
National Westminster Bank
have joined with Banque
Indosnez, Banque Nationals
de Paris and Credit Lyonnais
to form the Fran co-British
Channel Link Financing
Group. It will include
members of the five banks’
project finance teams and will
examine funding of proposals
for a fixed channel link.

HEAVY-TRUCK sales show no
real signs of recovery so far
this year. Registrations for the
first seven months remained at
about the level for 1B81 when
they dropped to the lowest for
more than 40 years.

Leyland Vehicles, the BL
subsidiary, however, seems to
be recovering from the strike
at the start of this year. Its
July sales improved slightly
from last year's level, from 465
to 495.

The company has much
ground tn make up because its
sales after seven months of
J982 remained nearly 22 per
cent down on the 1981 level, al-
3.248 compared with '4.130.

Accordine to Society of
Motor Manufacturers and
Traders’ figures, in the
January-July period 25,374
trucks and ariics nf over 3.5
tonne gross weight were regis-
tered. compared with 25.304 in
the corresponding months last
year. For July aione sales
were down slightly, from 2.790

tn 2.602.

Commercial vehicle sales as a
whole in the seven months im-
proved hy 4.78 per cent, to
129.774. hecau.se of increased
demand for lighter vehicles.

In particular, registrations of
. medium and heavy vans rose l»y
more than 9 per cent, to 59.5P6,
in the seven months. However,
in July alone they fell hack
sharply, compared with the
corresponding month in 19R1,
from 6.766 to 4.089, as a major
Ford campaign for the Transit
came to an end.

Light van registrations were
up hy 5.74 per cent in the seven
months, from 34.845 to 36.637.
The improvement continued in
July when sales were 3,528 com-
pared with 3.062 for the corres-
ponding month of 1981.

Bus and coach registrations
continue to give makers cause
for concern. At the end of
seven months they were down
by more than J4 per cent to
2.841. Again, there was no sign
of recovery in July.

Falling pound feeds familiar inflation fears

WHEN sterling last fell below
$1.70, in September 1976, there
was anxiety about the infla-
tionary consequences— and with
reason. The annual inflation
rate which had been falling
from an unprecedented 26 per
cent a year earlier, started to
rise again to peak at more than
17 per cent by the following
spring.

There are again anxieties that
a falling .pound could make
Imports of raw materials and
oil more expensive and wipe
out some of the recent progress
against inflation.

For the Government, this
would be an unfortunate re-run
of last summer’s events when
sterling’s effective exchange
rate fell nearly 14 per cent from
its level at the beginning of the
year and the Bank of England
was forced to raise interest
rates sharply to defend the
pound.

This combination of higher
interest rates and a weaker
currency fed through to prices,
so that the annual inflation rate
began to creep up last autumn
before stabilising at 12 per cent
at the turn of the year and then
falling again.

However, the main difference
between the currency move-
ments of this year and those
of last year is that the basic
cause is strength of the dollar
buoyed up by U.S. interest rates
rather than weakness of the

Max Wilkinson looks at the possible effects
of a strong dollar on raw- materials costs

pound.

Sterling 1 ; weakness against
the dollar has been matched by
a firmness against European
currencies with the result that
its Bank of England trade-
weighted index against a basket
of currencies has remained
remarkably stable at somewhere
around 90 to 91.5 since the
beginning of the year.

In estimating the future
impact of the pound's value on
inflation, it is the effective rate
which matters because it is cal-
culated to reflect the pattern of
Britain's trade in manufactured
goods and raw materials.

However, the price of most
imported raw materials and of
oil are quoted in dollars, so that
any substantial weakening of
sterling against the dollar could
be expected to make industry’s
supplies more expensive.

This effect is unlikely to be
as serious as in the days when
Britain was the workshop of
the world, converting huge
quantities of primary com-
modities into * manufactured
exports.

Now, only a third of Britain's
visible imports are of raw
materials, compared with two-
thirds manufactured goods.

Raw materials imports repre-

sent only about 9 per cent of
total national output, so That
a rise in the sterling price of
these imports would have only
a limited direct effect on retail
prices.

Moreover, a rise in the value
of the dollar worldwide affects
all lhe industrialised countries.
When they all find the price
of raw materials rising against
them, demand will tend to fail.
Prices are bid down again to
a lower level in dollar terms,
but perhaps much the same
level as before in terms of the
currencies of the importing
nations.

One other reason that the
UK can afford to be relatively
relaxed about the infiationary
effect of the recent rise of the
dollar is that commodity prices
have been fatting steadily and
are now at a low ebb.

The latest International
Monetary Fund index for the
dollar-price of commodities,
excluding oil, shows a 3 per cent
fall hetween May and June.

As a result of the worldwide
recession following the 1979 oil
shock and of the prolonged
weakness of U.S. demand, com-
modity prices have been falling
for almost two years.

The UK is insulated ro some
extent from the effort that

r-Soer Band

***■ r.f ' > ,t 1 juaitjtagmag

L Non-oil
commodity prices
?j Change over
Previous 12 month* J

20*

1977 78 *79 'BO B 1 B 2 i

high dollar has In raising
sterling price of oil. This is
because a parallel effect is to
raise in sterling terms the
Government's tax revenue from
the North Sea.

Th e more worrying aspect of
the present trend of currency
movements is that it is in the
opposite direction to that which
would benefit exporters- They
have long wanted a pound which
is strong asainst the dollar hot
weaker against the continental
currencies, particularly tbff

r * n _

. V

\

Financial Times Tuesday August .10 1982

1

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UK NEWS -LABOUR

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CORPORAOON DE f 0MEN7O D£ LA PRODUCCION

I

Pu

. ,v Shares of Compania Chilena
de Navegacion Interoceanica S.A.

(INTEftOCEANIC CHILEAN NAVIGATION COMPANY)

The Corporacidn de Fomento de fe Produccidn, CORFO,
(Chile's Production Development Corporation) kindly requests
investors to submit offers for the purchase of 71,997-475
shares of Coriiparua Chilena de Navegacidn Interoceanica
S-A-,. which represents 92,91% of the share capital of the
Company.

Rules and Background data covering this tender are available
to investors, at Moneda;921 ,• suite N° 822, Santiago-Chiie,
subject to payment of a $ 5,000.. fee (or .USS; dollar equivalent).
Proposals should be forwarded in a sealed envelope,, in
duplicate, to: Vicepresidente Ejecutivo, CORFO, Moneda 921,
suite N° 825, Santiago, Ghiie, no later than 10:00 AM, October
8, 1982. / .

All proposals will be opened before interested parties, by
Corfo’s Secretary General, who. will administer this activity.
CORFO reserves the right to accept the offer which, : :in their
judgement, it deems to be in their best interest, or to reject all
offers without offering explanations.

This tender will be conducted in accordance with the faculties
granted by Law Decree N° 1068 of 1975, without being subject
to the prescriptions of Law N° 18045.

MINISTER EXECUTIVE VICE-PRESIDENT
CORFO-SANTIAGO, CHILE

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Tebbit seeks even lower
pay offers this round

BY PHILIP BASSETT, LABOUR CORRESPONDENT

MR NORMAN" TEBBIT, Employ-
ment Secretary. yesterday
reaffirmed government pressure
for low wage settlements in the
new pay round by restating the
“ crucial and unbreakable link ”
between pay and jobs.

The Government has reason to
be pleased witb settlements in
the pay round just concluded,
particularly in the private sec-
tor, but ministers are . now
following the Chancellor’s^ lead
in seeking even lower settle-
ments this year.

Mr Tebbit, speaking to the
Scottish Engineering Employers
in Glasgow, said “The new pay
round has started. Let us hope
it will not be the round in which
negotiators knock out their
members’ firms by daft claims."

Negotiators were thinking
about how much to claim and

how much to offer. In what may
be a reference to the engineer-
ing industry claim, he said,
“Some unions are looking for
a substantial rise. I hope their
expectations are not too high."

Mr Tebbit said that most
workers were realistic enough
to see the link between their
own pay and tiieir own job and
knew that a smaller increase
now could heip to avoid un-
employment later.

He went further, by stressing
links , between pay and jobs in
different industries and sectors.-
“Pav increases for any one
group of workers affect job
prospects not only for that
group but also for other groups.
Moderate pay settlements pro-
mote not only workers’ own
interests but also the interests
of others.”

. Speaking after an earlier
visit to a motor trade training
centre in Glasgow, Mr Tefcirit
said , he - did not expect a®*
employment figures to drop
jrigrrifira^t iy over the next 25
months.

He was prepared lo fight .the
best -election with linenipW'

merit stm a. major issue.
asnwer to unemployment . lay
in “ higher productivity., lower
industrial costs and wider
■product markets.”

He jovially rebutted sugges-
tions that he was one of the
most unpopular ministers, and
claimed that the Government's
current Employment Bill was a
popular measure, attracting the
opposition of 1 only a - fringe*
group. of union leaders.

W ater unions against local deals

BY OUR LABOUR CORRESPONDENT

-WATER INDUSTRY onions
yesterday said the Govern-
ment’s proposals to abolish
national collective bargaining
in the industry were not
directed at Improving effi-
ciency but at disrupting the
unions* bargaining ability and'
strength.

Jin statements lodged yester-
day with the TUC, which will
pass them to the -Government,
the water, unions complained
of the lack of trade union
consultation and agreement

on the Government's surprise
proposals.

Mr Eddie Newall, trade
union-side secretary of the in-
dustry’s joint national indus-
trial council, representing
70,000 workers and staff, said:
■•* It is the trade union side’s
view that this is an utterly
irresponsible approach oh the
part of the Government and a
. recipe For chaos." .

. Mr Newall said “ the pro-
posals have little to do with
improving arrangements and
are directed at disrupting the

bargaining ability, of the trade
unions at national level. "

.The onions said the pro-
. posals. far. from Improving
industrial relations in what
was. . al ready a. volatile
- situation, would exacerbate
matters seriously- .

The Government Is clearly
. concerned . at the level of
' monopoly- union power in the
publle utilities. It is consider-
ing proposals aimed at what
Employment Department offi-
cials call protecting the
community from the abuse of
such powers.

Move to left likely in Aslef

BY PHIUP BASSETT, LABOUR CORRESPONDENT

LEFT-WINGERS in the Asso-
ciated Society of. Locomotive
Engineers and Firemen seem set
to increase their influence
within the union after a recon-
struction of its executive com-
mittee which has seen the
disappearance of one of -its
area-based seats.

The nine places on the execu-
tive are being reduced to eight
in line with an Aslef delegate
conference decision to reduce
the number of the union's frill-
time district secretaries.

Accordingly, the - ■ ■ union’s
Manchester and north-west
executive .seats are being
merged. An election for the
merged seat was won by Mr
Teny Clarke, a. moderate, the
current holder of the Manches-
ter seat

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CHRISTCHURCH,

His opponent, Mr Les John-
son, holder of the north-west
seat, will become full-time dis-
trict secretary for the area at
■the beginning of next year.
TJnti then ’he will sjtay on the
executive committee.

The union areas bordering the
merged seat have taken up
portions of its- geographical
area.

Elections are now taking
place for the' northern and
London Transport executive
seats. The northern seat was
held by former president Mr
Bill- Ronksley -before he was
elected full-time officer for the
area. The London Transport
election arises from the death
in office of Mr Ted Mifles.

The changes mean that the
new eight-man executive is
roughly divided 3 — 3 between

left-wingers and moderates,
though both terms in Aslef
circles are relative, because the
moderates in the union tend to
be at least as lough as many
left-wingers in other unions.

However, if. as seems likely,
the two . seats up for election
are won by the left, they will
have an in-built majority on
the executive based upon
larger geographical areas.

• The left-led Furniture.
Timber • and Allied Trades’
Union is also restructuring its
governing general executive
committee. .

The ' 77,OO0*trong union is
reducing the number of Its
executive seats from 27 to 19.

"The number of the union's
electoral districts will be
reduced from 18 to 14. and the
number of district organisers
from 39 to 32.

Coal Bo&d
warns on
sales ‘risk’

ByBmnGrwn,lab«^Sia«' T

: THREATS OF industriaT action
’ by the National Union of Mina-
' workers *re Jeopardising ; ffie
sale of 8m tonnes of
' xtatkuuXXoal Board siid yesfer-

The NCB bdieyes if could sell
this azootsit by about 1885 to.
indnstriaiists who wete thinJdng
of switching to coal from dearer
gas and oiL The sale could
ahead if -they were convinced &r
secure supplies at reasonable
prices. .v.-’V

The .warning » Britain's
211,000 misers, is 'in the indus-
try’s newspJaper Coal News. It
is a dear attempt to undermine
support for industrial actiqa as
the autumn - wage round

approaches..

Mr Arthur ScargilL MUM
president, has threatened
national industrial action over
pay and closures. The. NUM
opposes all pit closures except
where - coal reserves 'are
exhausted.

The NCB says the 6m tonnes
at risk is equivalent to a year's
output of about 12,000 workers.
It believes this business is
needed to safeguard the size- of
the industry and to prevent
additions ' to colliery stocks,
already A record levels,
halved in 1981.

Two-thirds of the NCB's 120m
tonnes of annual sales go to
electricity generation, which
presents limited prospects .for
expansion. ^

Sales to industry, although
much smaller, are one of the
few sectors in which the board
sees early opportunities for
growth.

The board says it has con-
vinced companies of the case
for conversion to coal— which is
about two-thirds the price of
oiL

Mr Donald Davies, the board's
member for marketing, writes in
Coal News that these potential
customers are worried when
they hear through the media of
NUM resolutions referring
repeatedly to industrial action.

“ It takes customers from two-
to-five years, from making deci-
sions and doing design worfc._to
get new plant burning coal.
Companies are clearly not nxsh-
ing to tur nto coal but wc have
.a real chance of increasing the
coal bum in the next few years
— providing we do not lose their
confidence.”

Incentives include govern-
ment grants of up to 25 per
cent for conversion, and the
prospect of cheap EEC loans
being available shortly .

Mr Scargill returns from
holiday in Cuba this weekend,
when his approximate six-week
deadline for* possible industrial
action passes. The threat is over
the suspension of production at
Snowdown colliery in Kent.

GMWU chiefs back
boilermakers merger

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BY OUR LABOUR STAFF

PROPOSALS for a merger be-
tween the General and Munici-
pal Workers’ Union and the
Boilermakers’ Society were
agreed yesterday by the GMWU
executive council.

Similar proposals have
already been agreed by tbe
Boilermakers’ executive. Now
the union plans to ballot their
members on the terms of the
proposed amalgamation, which
is subject to legal scrutiny.

The readiness of both union
executives for a merger has
been conveyed to the Certifica-
tion Officer, who will oversee
arrangements for the ballot on
the transfer of engagements —
movement of mem bersbsip— be-
tween the two unions.

Membership of the GMWU
would rise to almost lm if the
merger went ahead. This would
rival the Amalgamated Union
of Engineering Workers for
second place in -trade -union

size to the Transport and
General Workers’ Union.

The moderate Boilermakers
has about 120,000 members,
and tbe politically similar
GMWU about 860.000.

The Boilermakers would form
a large industrial group, in the
merged union, with its current
shipbuilding members, although
with a special craft emphasis.

All eight members of the
Boilermakers’ governing execu-
tive would join the GMWU
executive, to bring the size of
the new committee to 38.

Mr David Basnett. GMWU
general secretary, said yester-
day: “This agreement on amal-
gamation. when ratified by the
membership, will lead to tbe
creation of a major new union
capable of representing all
grades of workers in a powerful
force in both private and public
sectors.

"Today we took an important
step towards establishing a union
for the 21st century "

Licensing proposed for
private security industry

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BY OUR LABOUR STAFF

LICENSING to control the
expansion of the private
security industry is proposed
today by the independent Low
Pay Unit, as a cure for low
standards of service and ex-
ploitation of the workforce.

Mr , Simon Crine, research
officer, says in a study that
"the underside of the indus-
. try is characterised by anarchic
cost-cutting through extremely,
low rates of pay.”

The largest companies set
their minimum pay and con-
ditions by negotiation with
■unions, mainly the General and
Municipal Workers Union, but
most employers do nolf Mr*

Crine says. They were afraid
to improve wages in case they
lost price competitiveness.

Licensing— so far rejected by
the Government— would aim to
set minimum recruitment stan-
dards, eliminating tbe employ-
ment of people with serious
criminal records, it would
develop a training course.

Mr Crine advocates a national
agreement between employers
and unions. The licensing
system would require adherence
to the minimum rates of pay
and conditions which it fixed.

Low Pay Reriew No 10,’ July-
J9S2; LJPU. 9. Poland Sirecf.
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. Tefe 01-4050101

BY OUR LABOUR -STAFF
THE BANKING. Insurance and
Finance Union yesterday began
a'- campaign' of non-co-operation
! with . the closure of Midland
Bank’s registrar’s department in
Sheffield.

The campaign will not bite,
however, until the bank tries
.to withdraw the share registers
■of customer companies from tbe
department

Midland said "■ alternative

arrangements had been made
for 78 of the 106 staff whose
jobs are threatened. .. . It has
refused to guarantee continued
employment, but says it
make every effort to redeploy
staff in the 12 months before
closure is completed.

So far 57 new job opportuni-
ties have been identified, and SI
of the staff have indicated' they
are prepared to consider ?«jun-
tary early retirement

v

Financial Times Tuesday Angust 10 19S2

irfK (1

«l 1

THE ARTS

)h

sjsL.

kv 'riel •

fs bad
merge

Van de Veldes/Maritime Museum

David Piper

v " * •• ■.<•■ • . ■*.,» >' x

: ?'> 'V '

7 " ' ; r" :

. ■' ‘ .".. . < \j., .*• •

It is a most agreeable excur-
sion, on a fine summer's day,
even without a specific aim in
view, to get into a river boat
at Westminster or the Tower,
and be steered downstream to
Greenwich. 1116 voyage maybe
awakes melancholic echoes, for
it passes through what were
once great docks of what was
once, a mere 20 years ago or
so. 1 the greatest port in the
world. The river banks are now
forlorn, with weeds and
abandoned warehouses. The
water, once live with sea-going
traffic, bears scarcely anything
other than the toy pleasure boats
such as that on which you ride.

It is, though, not unpleasant
to think upon transiency (though
fair weather is advisable), while
when you dock at Greenwich,
you disembark immediately to
the prospect of the Cutty Sark;
to lie splendours of Wren,
Hawksmoor. Vanbrugh; and to
the live history of maritime
England displayed in the
National Maritime Museum. And
there, until December, your
special aim can be the exhi-
bition. The Art of William Van
de Veldes, arranged in the
elegant rooms of Inigo Jones's
the Queen's House.

More than one’ strain in
painting in which the British
have excelled particularly
derives in fact directly from
foreign Immigrants — the very
different brands of portraiture
begotten by Holbein on the one
band and Van Dyck on the other
on English stork, for example.
The Van de Veldes no less begat
English maritime painting. Even
the young Turner felt he must
match them in their own idiom
before he could evolve his own
apocalyptic vision of the sea,
while, as this exhibition perhaps
unexpectedly shows. Constable
too acknowledged a debt to them.
There is a drawing by William
the Younger of a swarm of sails
tumbled like slightly dishevelled
butterflies across a bay; there is
a drawing by Constable, in very
much the same delicate key of
pale grey wash.’ of shipping in
the Thames, that one could well
be forgiven for thinking had
been breathed on to the paper
150 years earlier by the
Dutchman.,

For the Van de Veldes were
Dutch, as Holbein was Gennan-
Swiss and Van Dyck was
Flemish — but, hke them, the
Van de Veldes sold their art
where they found the best
market. When it came to pat-
riotic sentiment indeed, the Van

i*.*.

de* Veldes can fairly be de- •’ .1 f-.rr 'Jx ' v

scribed as mercenaries.. Official ‘ ' 3

war-artists- for de Ruyter in the
Anglo-Dutch wars, they
switched rides almost half way
through a battle. In June 1672
Father Wellem was out with
the Dutch fleet at Solebay: 12
months later he was sailing
with the English fleet to the
two battles of Schooneveld, re-
cording the action from a ketch.

From 1673 on, father and son
were based in England, first at
Greenwich, then at Westmin-
ster. and both are buried at St
James’s, Piccadilly.

The dividing line that
separates the work of the two
is not always, easy to distin-
guish, even with the aid of the
discerning arrangement pro-
vided in this show. Willem the
Elder's most easily identifiable
work is those large grisailles
battle-pieces, paintings in fact,
but giving the impression of
enormous line - engravings.

These be put together dili-
gently in the studio from the
drawings made on the spot in
his ketch — in the crowded yet
stately, mayhem and gun-smoke
of his recording of the battle
of Scheveningen 11653) there
he is, in his tall hat. placidly
^getting the facts down on
paper, maybe not actually in
the thick of battle, but much
too close to it for normal com-
fort

These battle-pieces are. how-
ever mostly rooted in earlier
Dutch traditions, and when
compared with the best work
of the son, whether in drawing
or in oils, seem relatively stiff

and regulated by the conven- « The English ship Resolution in a gale ’ by Willem Van de Veldes the Younger
tions of the studio. And yet it ° r °

was Willem the Elder who was,
it seems, the one who went into

battle, while his son was more pompous poops, the exact detail of war. Though tiny people
likely to stay at home in the of their riggin, were recorded by spill into the water and no

Give me rather, tbe sea in
its calm.' There are paintings

studio. A painting . by Van the Van de Veldes in inventorial doubt death. the
Muss cher, convincingly identi- if superbly skilful prose. It is drama Is not felt,
fled as a portrait of Willem n. when the scene opens out into
shows him sitting at his easel the shifting weather of the sea,

in an orderly Dutch interior, that the feeling— incomparable b Willem the Youneer which
apparently working up a sea- at its best-of the younger artist Z
piece from drawings before him is conveyed with a fresh
on the floor, which, the cata- immediacy that can take the
logue suggests no less con- viewer’s breath away. The
vincingly, might well be on-the- response of waves to wind, of
spot drawings made by bis hull and sail to that motion.

make almost audible the creak

no less aptly than any by those ,

two great Dutch masters of with due acknowledgements to
5?.^. w . a 17 ^ 01 3? the doyen of ell Van de Velde

father.

When certain subjects are of timbers and the strain of Breathless with
concerned, the drawings of sail and rope. To my mind, the
father and son are very close, great sea-battfle set-pieces are

Cuyp and Van de Vappelle. h , •
embody that mood which cnolars ’
Wordsworth was to capture in
a “ holy time quiet as a nun,
adoration.”

The exhibition has

Michael Robinson.
Many years retired now from
the service of the Museum, he is
said still to be sailing his own
small boat between England and
a coda. Holland in pursuit of his quarry.

Tbe English always loved not the most moving, rightly Which, as indicated, carries the His monumental catalogue of
portraits, a passion extended to famous as tnurs-de- force story on to Constable and be- the drawings is done, but it is

likenesses of their- horses, though they be. Thev are all yond, including representations to be hoped that this select exbi-
houses — and, no less, tbeir pomp and glory; the 'smoke of of the work of Van de Velde's bition catalogue will not suggest
ships. The portraits of the great the broadsides, the swell of gifted followers. Scott and to him that his full catalogue of
galleons, the intricately carved sail, the shatter of rigging Moriamy notably, though most the paintings, long promised, is
and gilded detail of their seem remote from the reality telling of all. that short-lived any less urgently required.

The way that, the Buxton Fes-
tival has built itself into a
cheerful, participatory event as
well as one of artistic import-
ance was well displayed in its
closing hours on Sunday night.
At the Opera House, British
singers and instrumentalists
plus Hungarian dancers were
performing Kodaly's The Spin-
ning Room, with a BBC record-
ing van in attendance. Outside
in the square, Morris dancers
preluded the performance and
in the interval the local brass
band was playing. Afterwards
the drizzling rain could not
dowse the enthusiasm' of tbe
torch-tight processions in which
both the Morris dancers and
the bands reappeared to greet
the emerging patrons of the fes-
tival performance.

After the earlier, spectacular
staging of Kodaly's Hary Janos
which provided the great • suc-
cess of this year's festival. The
Spinning Room itself was some-
thing of a disappointment in
what was optimistically pro-
mised as a “British operatic
premier," in an English trans-
lation by Elisabeth Lockwood.
Operatic it was not The instru-
mentalists of the Manchester
Camera ta occupied most of the

Buxton Festival

Arthur Jacobs

stage, and the Sheffield Philhar-
monic Chorus stood in rows at
the back., tbeir sounds insuffi-
ciently powerful against the
orchestra. In one small corner
area to ' the right of the con-
ductor (Anthony Hose 1 ), the
four costumed principal figures
appeared, with five male Hun-
garian folk-dancers ; making
their passage round them.
Kodaly's little opera, some 80
minutes long and full of de-
lightful folk music arrange-
ments, deserves either proper
staging or a careful concert
presentation.

In such restrictive circum-
stances it was particularly
awkward to load one singer with
two parts quite separate in the
score— the woman whose lover
has fled with the police on his
heels, and the neighbour who
comes with her fellow-villagers
to offer songs and dances dur-
ing the man's absence. Linda
Ormiston did splendidly in
attempting tins impossible task,
with clear, expressive words
and appropriate actions to
match, her richness of musical
tone.

Even more of a novelty, in-
deed a first performance of an
unexpected kind was Nightin-

gale by Charles Strouse. The
composer of Annie has written
(both words and music) a work
for child audiences which is a
genuine opera, not a musical; it
does not depend on amplified
voices or on a relentless beat,
or on the repetition of obviously
oateby tunes. Harmonically it is
quite inventive, especially the
beginning of the second of two
short . acts. • But the cast of
adults a'nd local children were
wisely chosen not for operatic
reasons (voice plus whatever
else you can get) but also for
acting and dancing ability and
for being the right shape and
size.

Sarah Brightman (late of
Pan’s People and. more recently,
CatsJ was in all ways a most
attractive nightingale, showing
jqo sign of strain in mounting to
a high D, only a semitone short
of Joan Sutherland’s favoured
tope note. The mechanical bird
as sung by Robyn Alexander
and delightfully costumed by
Claire Lyth provided a richly
comic touch. Dwarfed by
imperial guards, Linda Kitchen
was an appealling maidservant
and Peter Knapp contributed an
Emperor correctly free of cari-
cature.

News of My Own/ICA

Andrew Clements

One of the characteristics of
the MusICA series, and one of
their most valuable strengths, is
fidelity — to individual composers
and to compositional styles.
Some of the young composers
who have studied in Cologne
with Mauricio Kagel. especially
Gerald Barry and Kevin Volans,
have become regular features in
MusICA seasons and Sunday
evening's concert brought
another from the same stable.
The programme, called “News
of my Own." was given over
entirely to the work of one
C. Newman, born in 1958, who
studied first at King's College,
London, before going to Cologne
in 1979.

Typical also of MusICA's
approach to programme building
that a practically unknown
figure should be allowed a whole
evening in which to display his
talents, with no expense spared.
On this occasion tbe ambition
entirely justified itself, for
heard in isolation no one of the
four works performed would
have given complete perspec-
tive on this quirkily talented
young man. The first piece. Sad
Secrets , for voice and piano.

might have been the least
informative. It is a strange,
manic songeyde of some 13
numbers, sung by the composer
in a cracked baritone to banal
accompaniments. The idiom
seems to look towards a kind
of “ salon punk." sometimes
hysterically funny, sometimes
angry, excessive.

. Sad Secrets could have been
the product of a precocious,
naughty teenager: the string
quartet of 1981. a seamless flow
of melody with a haunting
Scbubertian modulation each
time round, revealed something
more individual and weirdly
poetic. The two music-theatre
works naturally showed some
influence of Newman’s teacher;
but Nagel's influence was never
oppressive and in Noisette — a
crackpot epic in which the
Young Hero relates his travels
and sings some rudimentary
songs to a violin accompaniment
— the flavour was peculiarly
English. A slide presentation
throughout Noi-ellc demon-
strated a fondness of punning
between sound and vision,
something which a video in the
foyer unappetisingiy entitled
Bodily Functions. carried
further.

The 1982 Salzburg Festival

genius. Charles Brooking. Tbe
selection relies on the Museum's
human own great holdings, especially
of drawings, strengthened by
relatively few but telling loans
from outside-

The catalogue is very wel-
come, generously illustrated.

Salzburg has grown in-
offensively at the edges but the
centre has changed surprisingly
tittle since I first went there, 50
years ago. It may he tidier and
brighter now. and this year the
long range .of post-war buildings
housing the large and small
Festspielhaus and the Rocky
Riding School look less unsuit-
ably forbidding under a coat of
fresh paint.

Id 1932 I heard Bruno Walter
conduct Gluck's Orpheus ■ with
Sign'd Onegin, and Weber’s
Oberon with Maria Mtlller and
the tenor Roswaenge. Clemens
Krauss was in charge of Figaro
and Ttosenkavalier (in Alfred
Roller’s settings; with Krauss’s
wife. Vjorica Ursuleac. as the
-Marscha’llln and the original,
still lusty. Ochs of Richard
Mayrl. There was -a Busdi-Ebert
Entiiikrung. Memories have
been stimulated by Josef Kant’s
recently du Wished Die Salz-
burner Fpstsnirle 192(1/1981 —
a useful book of commentary
pud pictures fthe latter lin-
fnrtunatelv confined to the post-
war years) with casts and con-
cert programmes for the whole
period.

I would Kindly have swapned
those prrrerammes for this
year’s, thou eh the la tier in-
cluded a new F»def«o and a new
Cosi fan tutte — both on»ras also
riven in 1932. incidPoraFv.
rhrnich not seen by me. FfrfrWo
heimr conducted bv Richard
Strauss, with I-Otte Lehmann as
the heroine. T micht h^ve en-
inved that better than the new
Rta-rHncr by the vpferan L conoid
Liod-ihpro wit>» Maazel. the new
he^d . of the Vienna Onpra. at
the conductor’s desk. L*ndMier«y
rtnu.<; not thnmn home the tops-
sape in the strident wav we have
seen in Tbntain lately. Sylta
niissc’s costumes are not un-
dated. hut Hans Ulrich
Rchmflckie’s clumsy ereat set
has a bombarded look, with
crarked stone, outsize barbed
wire (18th century pattern?)
and a nathetic little Jjallows
hacked down at rhp end. The
vasttv elongated Grosses Fest-
snlrihaus stase offers * little
.advantage to this onena. and
Lind the i*3 offers nothing posi-
tive in the place of “contem-
porary relevance."

At the second performance
Maazel’s conducting was force-
ful. dry, choppy. Those adjec-

tives must apply as well to
Leonora No 3, shoved in the
old way between the scenes of
Act 2. Have conductors as well
as producers lost touch with
Fidelio? The only time in the
evening one felt absolutely
convinced that the Vienna Phil-
harmonic were in the pit was
in the grave-digging duet, when
the Beethoven ian grouadswell
took over and the voice of Roeco
(Aage Haugland) matched the
deep orchestral colours. And
from that point the Leonora of
the Hungarian soprano Eva
Marion found her form. In the
first Act Miss Marion was strong
but hard of voice and stony of
feature.

The Florestan, the East
-German Reiner Goldberg,
recently heard at Govern

Ronald Crichton, who
first went to Salzburg 50
years ago, has fond
memories and mixed
feelings

Garden, has a warmth and
vibrancy rare among today's
heroic tenors, but the perform-
ance never came fully into
focus. Theo Adam’s powerful
Pizarro resembled a twisted bar
of iron, in effective contrast to
the youthful-looking, glib Don
Fernando of Tom Krause.
Having failed to make anything
of Marzelline (Lillian Watson)
or Jaquino ( Gosta Winbergh)
in tbe first act, Llndtberg drew
all eyes to them at the end of
the opera, allowing Leonora a
long, affectionate farewell of
the girl and Jaquino a pro-
longed bout of sulks. Voice
apart Haugland 's Rocco was
uninteresting.

No mistaking the orchestra
Mud was conducting in Coal
the next evening in the Kleines
Festspielhaus — here were the
Vienna Philharmonic at their
best — silken, sensuous, not self-
indulgent The score was shot
through with the Southern
languor commonly attributed to
this opera but not always
achieved, laced with pre-echoes
of Romanticism — a sudden
summer breeze, for instance,
from Mendelssohn's wood near
Athens. Languor however did

not devitalise agile tempi. Muti
marched the approach of the
producer, Michael Hampe,
Intends nt of the Cologne Opera.

An empty, grey-white stage
to start with, then curtain down
for the overture, rising to
reveal a simple, beautifully
executed three-arch set for the
quayside cafe and a succession
of equally elegant finely
detailed architectural composi-
tions unmistakably but not too
insistently Neapolitan. as
symmetrical as the action.
Nothing from the producer or
designer (Mauro Pagano) was
merely decorative, however
much the eye was ravished.
Everything served, even the
wine and purse put down by
Alfonso for the wager.

The Mend of the six voices
was so smooth lhat one almost
failed to notice that individuals
were not physically sharply
characterised. Dora bell a (Agnes
Baltsa) and Ferrando (Fran-
cisco Araizaj were livelier than
the Tather solemn Fiordiligi
(Margaret Marshall) and
Guglielrao (James Morris). Miss
Marshall had a touch of
Thatcher in her features — firm
as a rock! Jose van Dam's
Alfonso was a bonus.- So was
Kathleen Battle’s warm-voiced,
never squeaky or pert Despina.
No-one would have guessed that
she had sung two big arias
at the Mozart-matinde that
morning.

I find it essential at Salzburg
to get away once or twice from
the- expensive feel of the Fest-
spielhaus area. Unfortunately
the channiDg Mozarteum, tbe
obvious refuge, is catching up.
Nearly £17 for a morning con-
cert, even with Ingrid
Haebler’s very sound perform- '
ance of the D minor piano
concerto as well as Miss Battle
is quire a lot. At the even
more delightful Landestheater,
Otto Schenk follows his success-
ful Der Talisman with another
Nestroy farce. Der Zerrissene,
not only producing hut acting
a leading role alongside the
Nestroy specialist Helmut
Lohner and another doughty
comedian. Fritz Muliar. My
excuse for trespassing in dram-
atic pastures is that the piece
was given with the original
music by Adolf Mailer and that
by inviting Offenbach to Vienna.
Nestroy virtually created the
Viennese operetta school.

Allen Eager & Jon Eardley/The Canteen

Kevin Henriques

■^ QOSt * n tenor-is an unqualified triumph but,

saxist Allen Eager and
trumpeter Jon Eardley are next-
door neighbours in Leonard
Feather’s Encyclopedia of Jazz.
Their closeness does not end
there for both were born
within two years of each other,
both (unsurprisingly) came to
eminence in the be-bop era and
both have been out of the fore-
front of the jazz scene for
some years now.

Tbeir handful of fortuitous
appearances together at The
Canteen a few months ago
sparked the astute and potenti-
ally stimulating idea of bring-
ing them together for. a longer
period. This duly began last
week and continues until
August 28. It would be felici-
tous to report that the result

truth to tell, their three sets
last Friday were undistin-
guished.

Eager is a tenorist from the
Lester Young school but on
this occasion showed little of
that master's lithe swing and
ability to weave and sustain a
logical, melodic pattern around
familiar standards.

Eardley, playing, flugel-horn
on Friday, lacks a distinctive
sound on this instrument but
compensates with agile, some-
what nervous phrases which
strike a needed balance with
Eager’s less exciting style.

Much of the reason for the
disappointing evening was the
hackneyed, all too predictable

formula of most of the tunes.
Generally solos were taken in
the same order, were of the
same length and most times
numbers were rounded off with
the front line exchanging
breaks with the drummer.

A little more imagination in
presentation would have trans-
formed the evening, especially
as the accompanying British
rhythm section, led by pianist
Ted Beamenl, was in bristling
form with the leader the most
inventive and stirring musician
on the stand. Bassist Phil Bates
enlivened some of the routines
with some bowed solos and
18-year«old drummer Steve
Arguelles acquitted himself
admirably in such experienced
company.

Obituary/ Allan Gwynne-Jones

. Colin Amery

Allan Gwynne-Jones. RA the
distinguished painter, died
on August 5 at the age of 90.
Earlier in tbe same week a
large retrospective exhibition of
his paintings, drawings and
etchings opened at the Glynn
Vivian Art Gallery and
Museum in Swansea. This care-
fully selected exhibition will be
on view in Swansea until Sep-

tember 4, then tours to Llan-
dudno, The Ashmolean Museum,
Oxford, the National Museum of
Wales. Cardiff, ending at the
Royal Academy in London next
March.

Gwynne-Jones had a very per-
sonal and calm vision of the
world. The exhibition shows all
aspects of his work; portraits,
still lives, disarmingly beauti-

ful flower pieces and land-
scapes. He was also a fine
craftsman and a selection of
gilded china, illuminated manu-
scripts and painted objects are
included in the exhibition.

He was a distinguished
teacher at the Slade School and
his death will sadden the many
students and friends who came
under his influence.

■d f« r

d ustt

ill

THEATRES

ALBERY. Aliscwid.8MM7B. ee 930
9232-379 SMS. Grp WM* •»

836 3962, Eve* 7.30. Thur A Sat Mat
34). OLIVER COTTON. EUZABElTf
QUINN CHILDREN OF A LESSER MB.
PLAY OF THE YEAR SWET 1981.
ELIZABETH QUINN ACTRESS OF THE
YEAR In a it#w play SWET 1081.

AMBASSADORS. S CC 836 1171. Grp
HI0 379 6M1. TICS £S.50. £5.50.

■ £ 430 . £ 4 . tJ E*M B. TODAY Mat 3
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ANCck H»rm Harrtr* 8* CHARING
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APOLLO, Shaftesbury Am. CC M-W7
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Moa-Frl Era* 6.0. Mar Wed 3.0. Saf
6 0 * 830 ALAN AYCKBOURN’S MW
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APOLLO VICTORIA Theatre * Coop victoria
Sal. MUST END SEPTEMBER IB-
SOUND OP MUSK- PE7UL4 CLARK.
Era*- 7.30. Mala Wad and. Sat 2 JO. Bwi
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Dfus SAE. Hotline* 01-82* 8665-6*7.
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APOLLO VICTORIA. 01-834 6177.

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SMAinSPCAKE COMPANY. BARBICAN
THEATU. tpn’t 7 JO. I=«w leas avail

THS- NORiJT by peter ■ primary sens
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ttcr* . at £1 frmn S pm CMlMKt to

COLISEUM. S 836. 3181. CC 240 5236,
"ENGLISH NATIONAL OPERA Ton% frj
7.00 CARMEN. ToiTjor. Sat 7.30 THE

MAKRaPULOS CASE. Thur Mon 7.30
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dav.

COMEDY THEATRE. S 9J» 2578. CredH
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6061. Mon-Frl 3-00. Sat 8.15. Mat,

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CRITERION. S. Alr-cond. 930 321 6. CC
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Mon to Thur 7.30. Frt* Sat 6.00 &
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rOS COMEDY CAN’T PAY? WONT
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DON MAR WAREHOUSE. Eajlham St^Cilv.
Gdn. S CC 01-B36 1071(379 65G5.

From fonliSL £.« 7.J0 HAWET eltt
Anton Latter. Dir. fry JONATHAN
MILLER.

DRURY LANE Theatre Rpral.CC Of -836

8108. Grp sales 379 5061 . T^MCURRY,

PAMELA STEPHENSON. GEOR GE CO LE.
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DUKE OF YORICS. 856 5T22. CC 836

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7-45. Fn 5 A 9.1 S. Sat '5.15 &
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BALTHAZAR. Complete -Nlnht out inc.
dinner at Laguna SO Restaurant OPP-
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GARRICK. CC. 636 4601. E MB 8 . Mat
Wed 3L Sat 5*8- 12« HYSTERICAL
YEAR OF THE LONGEST - RUNNING
COMEDY IN THE WORLD-. HO SEX

GLOBE . THEATRE- 01-437 1502. CC

HfrIIIM 930 9232. Grp' Bales 579 6061 .
E«W MmCpri 8.0. Weds mat 3.0. Sats
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CURRAM- Directed by Alan Strachan.

HAYMARKET THEATRE ROYAL. 930
9852.- Grp sale* 379 6061. E*u* 7.16.
Mats Wed 2-30. Sen 4.0. DONALD SiN-
D6N. PRANCES DE LA TOUR. RONALD
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MARGARET RAWLINGS. FKEDA JACK,
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VANYA by Anion Cfrecknor. Directed
bv enrtetopher Fettei.

HAYMARKET THEATRE ROYAL. 930
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HER MAJESTY**. 01-930 6606-7. Credit
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Group sales 379 GOBI. Eras 7.30. Sat
mat 3.0. THE NATIONAL THEATRE’S
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FINLAY In AMADEUS by PETER
SHAFFER directed bv PETER HALL With
Nicholas Grace. MUST END OCT. 2.

KINGS HEAD. 226 1916. Dnr 7. Show
8.0. MARIKA'S CAFE THEATRE.

LONDON PALLADIUM. , 01-437 7373.
MICHAEL CRAWFORD- In the BrtHdw*y
Musical BARNUM. E«gs 7.30. Mat Wed
and Sat 2-43. Use the Barnum Hotlines
01.437 205S, 01-734 8961 lor Instant
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LYRIC HAMMERSMITH. S CC 01-741
3311. 01-200 0200 >24 hrs). Ton*t 7

S r*. Subi Ev«s 7.30 Thur Mat 2.30 Sat
at 4.30. SHE STOOPS TO CONQUER
‘ ’* comedy. Directed by

suritTn,^^'

LYRIC THEATRE, Shaftesbury Are. Box
Office 437 3686. Tel. Credit eard
bkgS accepted. GLENDA JACKSON.
GEORGINA HALE in SUMMIT CON-
FERENCE. A- new Play fry Robert David
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Sat s S.o.

MAY FAIR. S CC 629 5036. Mon-Thurc
8.00. Fri and Sat 6 & 8-30. Richard
Todd. Derren Ntabtt. Carole Mowiam In
THE BUSINESS OF MURDER. SECOND
GREAT YEAR.

IATIONAL THEATRE. S 928 2257.
OLIVIER (open atadel Ton't 7.15. Tdnttr
2.pO_lK*W BTh» maui .A 7.1S DAHTON S

prewl WAY

^L^N BU fX^, B rn ibsii.

ipra seen In
flow price
bv Avcfcbwjr
(small i
Ton't.

auditorium — low

Tomor 7.30 THE

OPERA by John Gay.

eap seatt all 3 theatres and

TANDBY In Olivieri Lyttelton from la
on dav.

Excellent cheap mn all .
STANDBY In Ollv lerl Lyttelton
|m on CUV.

NT also at HER MAJESTY'S.

NEW LONDON. CC Drurv

01-406 0072 ’or 01-404 4079.
id Sat 5.0 A 7.45 ~

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... 79.Tw7.4S

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A MIDSUMMER NIGHTS .DREAM
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PALACE. CC. 01-437 6834. CC Hotline
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FROM AUG. 16 SPECIAL GUEST STAR
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I

PICCADILLY. S. Alr-cond. 4 37 4$06. CC
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379 OKI. Mon-Fri 7-30. Mats Wed 3.D.
Sat 5.30 & 8.1 5. Students S3 .50. ROYAL
SHAKESPEARE COMPANY In Willy Rul-
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PRINCE EDWARD. Tim Rice and Andrew
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RAYMOND, REVUEBAR- CC 754 IMS.
Mon-Sat nightly 7pm. opm. Ilom. PAUL
RAYMOND presents THE FESTIVAL OF
EROTICA. Special eeneeMion to members
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to any 7 pm perl. 2Sth *ensiUonal war.

ROUND HOUSE. 267 2564. OXFORD

PLAYHOUSE CO. In THE CHERRY
ORCHARD. Dir. by Mllca Alfred*. E*g*
8 . 00 .

ROYAL COURT. S CC 7« I 1745. Ust
week. Evu 8.0. Mat Sat 4 0. Mat Sat
all seata £2. INSIGNIFICANCE fry Terry
Johnson.

ROYAL COURT THEATRE UPSTAIRS. 730
2S54. SALONIKA by Louisa Page.
Evas 740.

li

YAL FESTIVAL HALL. 01-928 3191.
■ 01-923 05J4-S IONDON FESTIVAL
LLET Ton't to Fri Eves 7.50 Sat 3.00

- ' iTlJJ '

a y;3o La
Wellii.

Svlphlde don’t HaTllJullcyj

SADLER'S WELLS THEATRE. EC1. Tel.
01.27B 8016 <S line*! for programme
details. SUMMER ARTS at Sedler i Wells
London’s Festival oi Community 4 Ernnle
Arts Aug IS to 23. Free daytime events
In and around the theatre. DIBerpnt even-
ing programme every night. All seats
£1.00

AMPLE FREE PARKING after 6.30 Dm.

SAVOY. S. 01-836 5358. CC. 930 9232.
Evenings 7.4S. Mats Wed 2,30. Sat
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COMEDY NOISES off. Directed bv
MICHAEL BLAKEMORE.

ST. MARTIN'S. CC 636 1443. Eves B.
Tues Mat 2.45. Saturdays _S 8 8.
Agatha Christie's THE MOUSETRAP.
World's longest- ever run. JOlfr Year.
Fully air-conditioned theatre.

VAUDEVILLE. CC 01-836 .3988. MOIRA
LISTER. PATRICK CARGILL. BARBARA
MURRAY. GLYN HOUSTON KEY FOR
two. A new comedy oy John Chaoman
4 Dave Freeman. Prene ns Sent 6 4 7.
Qoens Scot 8.

VAUDEVILLE. CC 91-836 9988. E«es 8.
Wed mats 2.45. Sats 5 4 8. CORDON
JACKSON In AGATHA CHRISTIE'S
CARDS ON THE TABLE. Fully air.
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ENDS SEPT. 4.

VICTORIA PALACE. CC 01-854 1 517-8.
01-828 47JS-B. Group sales 379 6061.
DENNIS WATERMAN ANTON RODGERS
Tire Neivs Musical WINDY CITY. Based
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Peter Wood. EveS 7.50- Mat Wad & Sat
5 pm. Cragit eard Hotline 930 9252.

WESTMINSTER. CC 834 6285. HANNAH
CORDON. GWEN WATFORD. PAUL
DANEMAN. JOHN CARSON In THE
JEWELLER'5 SHOP b* Pooe John Paul
II. Evgs 7AS. Mats Wed £ Sat 2.30.
HURRY I LAST NIGHT TONIGHT.

WHITEHALL. 639 6975.6976 and 830
6891-7766. ROBERT POWELL as PhHIle
Marlowe. LEE MONTAGUE as Raymond
Chandler In PRIVATE DICK with Fannie
Lemam and Elizabeth Richardson, Tickets
£3. £4. £5. £6. C7. LB. Students S-bv
L2.S0. Mon.-Thur a wn. Fri 4 Sat B.is
pm and B.4S pm.

WYNDKAM'S S. Alr-COOd. 836 3028. CC
379 6565. GrP reductions SZ6 196:.
Mon CO Sat a.OO. ROBYN ARCHER In
A STAR IS TORN.

YOUNG VIC TWaterlooi. 926 6363. £•»
7.30. Sat Mat 2.30 EDWARD FOX in
HAMLET. Air seats £2.30.

F.T. CROSSWORD
PUZZLE No. 4,945

ACROSS

1 Old space probe — a subject
of Coleridge (7, 7)

10 Sulk with a learner, but
blossom a bit ? (5)

11 A male line formed in a
battle scene (2, 7)

12 House of the lower classes ?
(7)

13 Former British Prime
Minister with not so much
that’s- uncontrolled (7)

14 Awaken us with eggs around
(5)'

16 Support from beneath, sub-
ject to tbe control of pro-
prietor (9)

19 One who is opposed to
referring to a dowry is
curative (9)

30 Friend from the south-east
providing cover for 10 (5)

22 One . tram converted into a
pick-up (4. 3)

25 Tm out-of-date- and totally
in deadlock (7)

27 Harsh American obtained or
acquired dishonestly (3-6)

28 Old queen of modem Yemen
(5)

29 Soldier set free— for public
display (7. 7)

DOWN

2 Catch a horse for a fee after
deductions (3, 6)

3 Logo I designed for an ice
house ? (5)

4 Requires wine juice, of
necessity (5. 4)

5 Everything I own is wood
(5)

5 Bring up minors to the hack
(9)

7 Northern fist turning up in
the evening (5)

8 Calls a group of people over
a drink (5, 2)

9 Room right for .p acking (6)

15 Strive in an attempt (9)

17 Everything - 1 dance about is
trifling (9)

18 Take back soldiers and con-
stables on ship (9)

18 Two articles split by the left
in parliament (7)

21 Sideways drift giving room
for free movement (6)

23 Yarn used in many long-
johns (5)

24 Bumped into a learner on
the surface of the road (5)

26 Dough obtained from artifi-
cial gems ? (5)

Solution to Puzzle No. 4,944
f5T*J

JEIGIR

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its d(

THE MANAGEMENT PAGE : Small Business

Financial . Times Tu esday August. tO 1982

EDITED BY CHRISTOPHER LOREt^r

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t'l-* oth
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Sure
Labor
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investo
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in;? of .

The .
by the j
Govern)
big .Tafc
in the
Pancont
and Gel
They'-
week,
claimed
tial repi
the No:
partmen
supgeste
.Tabihika
prospect
potent i a
has been
tic to sa
'it was
Australis
Juranium
priced at
pound i
prices ar
this in.
like rem;
years to
Jabllut
tracts at
the parr
arrange a
of Goverr
mining p
not meat
was unat
an tbe si
Mr Tor
3 anconrin
irisingly,
mmmenls
ie maim
abiluka’s
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ecurity
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ibilulca *
ile to a
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ight be
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irjcet.
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atinenta!
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Europ
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nevitabl
! .RWSjb

WHAT HAPPENS TO NEW COMPANIES: BY TIM DICKSON

Progress made and lessons learned

Three months ago (May 18 ) the aims and aspirations of two participants of
a joint Greater London ConncU/London Enterprise Course for budding entre-
preneurs were outlined on this page. Matthew Hypolite’s objective was to
start a specialist publishing business to produce books for young West Indian
children. Eileen Walsh had just ploughed her savings into buying a small
agency supplying babysitters and domestic cleaners. How are they faring ?

NINE months after taking over
a London employment agency
offering three inter-related ser-
■ vices— -London Domestics. Baby-
sitters Unlimited and Nannies
Unlimited — Eileen Walsh is
finding life as a small business
proprietor more than agreeable.
' Indeed, the business is running
sufficiently smoothly for her to
have found time to resume a
favourite form of relaxation-
playing the flute.

Walsh, however, has mostly
had her hands full in the past
three months coping with her
company. The effort has paid
off, for turnover since last
November is up by 30 per cent.

The key to this improvement;
she says, is the conversion of
more telephone inquiries into
“placings."

*T knew from the outset, of
course, that service was vital
but until you actually get in-
volved you don’t realise just
how important it is. I think
we are taking more trouble
with people on the phone and
making greater efforts to deal
with their problems, even If
initially it seems that we are
unable to help.”

Effective

Important lessons, meanwhile,
have been gleaned from the
GLC/LEntA course. “ It taught
me to use my time more effec-
tively. I have, for example,
hired a part time secretary to
do some of the typing and
routine office work so that I
can spend more time managing
and promoting the business.”

The course also encouraged
her to concentrate on the more
profitable side of the operation,
namely nanny placements.
"The profit from fixing some-
one up with a nanny is far
greater than sending them a
babysitter or domestic. As a .
result I have been spending a
lot more time in tbe North of
England interviewing girls for
my register. This is already
paying off, . though at the
moment the three parts Of
tbe business are still -
roughly equal contributors to
profitability.”

Cash flow remains healthy

Eileen Walsh: Turnover up by
30 per cent

though Walsh emphasises that
she watches every penny. She
has several credit customers
who have recently been success-
fully ebased up by tbe company-
secretary. “It’s amazing what a
male voice does on the phone,”
she comments, adding a touch
ambivalently: “But it does
1 annoy me!"

Further expansion is certainly
part . of the ultimate plan —
though Walsh is in no hurry.
“ One thing I’m learning -is that
you’ve got to go through 12
months in a business like this to
see tbe peaks and troughs of
demand. At one point earlier
this year there- were a tot of in-
quiries for nannies but unfor-
tunately we didn’t have a big
enough supply of girls. Next
time Til be able to see it com-
ing and won't make tbe same
mistake."

Walsh wants the agency to
grow because she has found she
enjoys running a business and
she knows “the demand for a
high quality service providing
residential staff of all descrip-
tions is there."

At the moment she has one
full time and one part time
assistant but she realises that
“if I had too many people in
the office. 1 could lose touch with
what is going on. I think four
is probably the optimum
number.”

MATTHEW HYPOLmS j s still
at the stage of raising money
for his publishing company.
Armadillo Books, and is experi-
encing the frustrations of
setting up a new business.

Bank managers, for exmaple,
are enthusiastic about his ideas
but two have recently identified
areas of his business plan thar
can still be improved.

Meanwhile, an application to
the Greater London Council for
money to test market his ideas
is taking longer to process than
he anticipated.

Hypolite’s ambition is to
establish his fledgling company
as a fully commercial publisher
of picture and story books for
West Indian children in the age
bracket one to 10. His primary
motive is unashamedly social —
he fervently believes that such
hooks could significantly im-
prove understanding between
black and white communities in
Britain and that by featuring
West Indian characters in
dominant and successful roles
their audience will gain self-
respect and confidence at an
important formative age.

At tbe same time he is just
as convinced that there is a mar-
ket for bis product which will
earn Armadillo a more than
respectable return.

Matth ew Hypalite: neither
daunted nor bitter

Preoccupation

Hypotite is neither daunted
nor bitter by the setbacks so far.
Far from it, in fact. “ We don't
have to prove anything to our-
selves,” be comments, “but I
do realise that we have to show
other people why we are right"

To this end Hypolite’s cur-
rent preoccupation is to raise
enough cash to pay for an inde-
pendent feasibility study and to
test sample a “dummy" book
in six London boroughs. In-
formally be has been promised
£2.000 by Hammersmith Coun-
cil’s small business unit —
provided Armadillo eventually
sets up in that borough — and an
application is currently waiting
with the GLC for the further
£3,000 which will be needed.

Hypotite realises that if, as
he fully expects, the results of
the test sample and indepen-

dent study are encouraging, he
wiU Lave a much stronger case
to present to any prospective
backer. “This market survey
wiH give the GLC something to
go on. They shouldn’t just hand
money out to unknowns. The
time it will take will also
enable us to develop both our
ideas and the business experi-
ence I picked up on the course.”

His attitude to the banks is
similarly understanding at this
stage, though he resents the
tendency of institutions (includ-
ing black dominated ones) to
apply “ unnecessary ” special,
standards to “ ethnic minority ”
businesses.

“ The two bank managers that
I have seen both said they
needed more evidence that
there is a market for this sort
of book— and they are right
On the other hand, I do wish
that the banks in this country
would be a bit more adven-
turous. In the United States
there are a number of success-
ful black publications and tbe
banks look at tbe companies
behind them in strictly commer-
cial terms. In Britain financial
institutions should remember
that tbe black population has
money to spend and represents
a viable market. They should
treat black businesses on their
commercial merits.”

If he fails to find outside
sources of finance. Hypotite
says he will not give up. He
has drawn up a couple of con-
tingency plans, including the
possibility of developing a
residential property

What about an equity
partner? “ I wil only do this if
tbe terms are right. We are
sure that tbe market is there
and we don’t want to give away
the benefits to somebody else.”

Financial options disappearing

A STRING of indicators in the
last couple of weeks has high*
lighted the grim t ra di n g out-
look for many UK companies.
The de cl inin g optimism and
depressed demand reported by
the Confederation of British In-
dustry, plus the increased bad
debt provisions made by aH the
major clearing banks suggest
that conditions for_ businesses
large and small are as difficult,
if not worse, than ever.

The 21.9 per cent increase
In business failures recently
notified by credit insurers.
Trade Indemnityv for the first
half of 1982 and the 22 per.
cent -rise in the number of cus-
tomer accounts in legal hands
at June SO just reported by the
Association of British Factors
would seem to support this
view.

While some of the banks are
discussing the “ intensive care *•*
facilities- made available to
larger customers, wbat is hap-
pening to tbe smaller businesses
in their portfolios?

Midland's spokesman is not
alone in admitting that the
level of failures is currently
“much higher" than a year
ago. “ What has been clear for
the last couple of months is
that demand for money for
capital spending has been low
and yet the utilisation of over-
drafts has been high. There are
tremendous liquidity pressures
at the moment”

Further destocking, further
extension of trade credit and
reductions in capacity are all
options to help ease liquidity
problems, he says, “but these
have probably been exhausted.”

Like other banks Midland
says it will consider reschedul-
ing debt, though rolling over in-
terest payments was an unlikely
solution. “ Where a business
can’t afford these payments it is
in very poor heart.”

Barclays Bank says “distress
fl ending " to small firms (ex-
cluding advances made to new
businesses and those under the
Government Loan Guarantee

Scheme) has increased in the
last few months. “Many .com-
panies have increased their
stocks in the hope of an lip*
turn which has not material-
ised," according to a Barclays
spokesman. Other problems in-
clude the tendency of larger
customers to delay payment of
their debts and the backlog of
VAT and PAVE payments since
the end of the civil servants*
strike. .

' Lloyds, meanwhile, echoes the
others when it says its
managers “are burning the
midnight oil to keep some com-
panies' going — not just for the
good of the country but for our
own self interest.

“The difference between this
time and a year ago is that then
it was possible to take action
to stem the losses and improve
cash flow. Now most of the
possibilities have been ex-
hausted and some people are
being left with no choice but to
cease trading.”

T. D.

The complexities of sickness

SMALL businessmen are going
to have to come to terms with
the Government's Statutory Sick
Pay Scheme.

The new legislation received
Royal Assent last month and
though many small firms' repre-
sentatives are still smouldering
with resentment, employers will
be obliged by law to comply
with its requirements from
April 6 next year.

The scheme is simple enough
in concept but undeniably com-
plex in practice. At the moment
employees cl aim state sickness
benefit direct from the state,
but under the new system em-
ployers will carry the respon-
sibility for paying the sickness
benefit for up to eight weeks
in any one tax year.

Tbe benefit will be paid out
like wages — and will be subject
to PAYE and National In-
surance contributions. It will
be recoverable, however, by em-
ployers simply deducting from
the National Insurance contri-
butions they send each month
to tiie Inland Revenue as a sum
equal to the amount of sickness
benefit paid.

Tbe main purpose of these
radical new arrangements is to
bring sickness payment^ into
tiie income tax net and to avoid
the situation where some 10m
people— according to the
Department of Health and

.Social Security — are better off
sick than at work (either
because employers continue to
pay gross salaries or because
they make up the gross salary).
The Government also hopes to
cut out about 2,000 civil
service jobs.

. An important advantage of
the new scheme is that those
employers who normally con-
tinue to pay their employees
at their own discretion when
they are ill will be able to
claim hack £37 for a full week’s
sickness where the employee
is earning more than £60 a
week. (Where earnings are less
Eh an £60 a week trie rates
currently contemplated are £31
a week where earnings are £45
to £59.99 a week and £25 -where
earnings are £29.50 to £44.99
a week.)

Agents

One of the biggest bones of
contention, however, is that
under tbe new scheme
employers will be operating as
collection agents for the DHSS.
“ Adequate ” records will have
to be kept, adding another
weight to what many already
consider an unjustified
administrative burden.

The rules on -wnat constitutes
a “day of sickness," for
example, are not easy to grasp.

Before the sickness scheme
benefit becomes due there must
be a spell of four days of
sickness, called a “period of
incapacity for work." No benefit
is paid until the fourth
qualifying day, but if two or
more four-day sickness periods
are separated by 14 or less
calendar days these are said
to be linked. If an employee
has! three waiting days in one
ifour-day period and then a
second “ linked ” spell, the
benefit will be payable from
the first qualifying day in the
second, spell.

- Employers will have to agree
with the employee when he is
sick— but if agreement cannot
be reached on this point the
DHSS will decide, ultimately by
tribunal. Responsibility for
deciding wfaen and when not to
pay sick pay is that of the
employer; under a clause in tbe
Act employees can fill in tbeir
own form for the first seven
days but thereafter doctors’
certificates will be required.

Details of how the Scheme
will work are outlined in DHSS
Leaflet No. NI 227. The DHSS
has sai'd that to help thpse who
have difficulty wading through
the 59 page guide their local
offices will provide speakers for
organisations or individual com-
panies running seminars.

T. D.

In brief::.

Conferences _

•FOUR international confer,
ences on small business and
venture eapitid are scheduled
between ndw and the cud of
the year.

Places are still nnfUMt ■
for British participant « the

1982 European Small Badness ■
Seminar In LWe, France.
Organised by the European .
Foundation for 'Mamagemfcflf
Development, ft rnns fnm
September 14 to IT. Further
details from David Wxtldns.
director, New Enterprise * .
Centre, Manchester Badness '
School. Tel: . 061:273 ,822* .

Tbe Initemaiiotial Congress '
on Small Business Is next on
the calendar and is being
held In Madrid. Spain, from
October 25 to 2S. The Madrid
organiser is Ricardo Gsytre*.- *.■
Bon, Bane* de Credito, Carr
de S. Jeronimo. 40, BEsdrtd-M.

Tel: (91) 429 1707. The ‘
Forum of Private Business
(Tel: 05654468) Is making ,
a group booking for British <
delegates. " . r ’

Another symposium on the .

*• Needs «f New Technology-
based Enterprises” wiU be
taking place tit Lu xem b our g
on November 17 to 19. Con-
tact J. M. Gibb, Jean Sonnet
Building. PO Box 1007,.
L-2920. Luxembourg. Tel:
43012918.

Finally, Management
Centre Europe has gathered .
together an Impressive Hst
of . international venture 1-
capitalists for a seminar on
“ Venture Capital Investment:
tbe risks and returns" to be
hdd in London on December
2 and 3. Details from Manage- -
meat Centre Europe, avenue
des Arts 4. B-1040 Brussels,
Belgium. Tel: (02) 219.0090.

Brickwork

SMALL BRICKMAKERS
could have a rosy future,
according to a new study !
carried out by the Inter- i
mediate Technology Group. '-•
The recession has hit hfe
brickmakers hard but accord- ;
log to Alan Bollard, the
author, modern developments »
in intermittent kilns, damp >
firing, ambient drying -and '
hand production are helping
the small operator to exploit V 7
niches at the high quality end-
of the market.

“ Brick Work,” the third In
a series of small firms’'
studies. Is available from the
Intermediate Technology
Bookshop at 9, King Street,
London WC2. Price £1.65 of -
£2 by mail order (including
p and p).

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DELAYS IN PAYMENTS
REMITTANCE DIFFICULTIES
EXCHANGE CONTROL FORMALITIES
BAD DEBTS

INVESTMENT OPPORTUNITIES
JOINT VENTURES. PROJECTS
Export advice and help on all
aspects. Initially write to:

Box G81B2. Financial Times
10 Cannon Street, London EC4P 4BY

For Sale

The ’business of knitting wool manufacturers
established in 1922 and trading under the name
of Midgley &’Catton Limited now in receiver-
ship. Turnover in excess of £2 million, excellent
freehold premises, plant, stocks and workforce.

Further details from:

A. J. Hird Esq., FCA, Joist Receiver
Dearden Farrow, La Plata House, 147 Sunbridge Road
Bradford, West Yorkshire BD1 2ND

Advertiser wfshaa to acquire control-
ling interest in an uubfiahad and
REPUTABLE DEBTOR
COLLECTION COMPANY

The resultant programme would
include expansion and the Incor-
poration ol any modernisation rech-
niquea necessary. Principals only
please in complete confidence to;

_ _Box F3389, Financial Times .

10 Cannon S trout. London EC4P 4BY

£250,000
EQUITY INVESTMENT

sought for Sri Lankan East Coast.
100 room (150 room second stags)
Beach Club Hotel development.
Significant focal partners; external
and local funding agreed. Including
guarantees.

Full details from:

TALD TOURISM & LEISURE
DEVELOPMENT LTD.

13 Dover St, London. W1X 3PH
Tel: 01-489 3S77 Telex: 893248

INVESTMENT AVAILABLE

Loan or possibly equity, lor small/
medium industrial businesses In
U.K. or Wen Germany, coupled
with overriding management con-
tract for three years, which need
not disturb present day-to-day
rtianigema/iL -

Write In confidence to ..

Box FJS33L Financial Times ■
10 Cannon Street. London £C4P dBY

LIMITED COMPANIES

FORMED BY EXPERTS
_ . FOR £97 INCLUSIVE -
. READY MADE £105
COMPANY SEARCHES

EXPRESS CO. REGISTRATIONS LTD.
. Epworth House •

25*35 City Road, London. EC1
01-628 5434/5, 7381, 9938

WANC WORD PROCESSING. If VCu don’t
want the best system, -excellent support.
service and training, at a price vaur
financial director wHI bo ■ pleased wwc
then don’t contact vs. However,. It you
eo. telephone SHEER LOGIC, 01-40B
1516,

ESTABLISHED COMMISSION-AGENT Of
Importer required In . Brest Britain.
Frane* and Germany to sell a high
duality synthetic chamois leather to all
oudcls. laq.: ALPEX. 't Scrdealel 7,
2130 BWsMhaac. Belgium.

WHY LEASE YOUR
HEXT CAR?

You can buy on our
Purchase Plan

* 10% Initial rental .

• 48 months repayment

• No.VAT an rentals

* UJtiiiuto ownership
FERRYW1SE FINANCING ft LEASING

Tel: Esher (0372] 82467/88780

UNIQUE OPPORTUNITY

Retirement Centra Florida. 250
Apartments, animated $38 m sail
out. Construction finance secured.
Cash input returned upon letter of
credit, thus no ca8h lied up. Roturn
oat I mined 300% end percentage! of
incomerestimated at Sfm p.a.
Con tact Elliott Rosen
LISTS? SECURITIES LIMITED
242-244 St John Street London EC1
Tel: 01-250 4148

IKTERMEDfATE-TERM SFr. 'and DM
financial CwaMHes; only projects with
detailed project descriptions shall be
considered. Cipher No. 44-1 29' AST.
Pobiieltas, p.a Box CH-8021. Zurich.
VENTURE CAPITAL REPORT, 2. The Mall.
Bristol. The fiitfie batween Investment
rands and small bnslMSsas. Investors
and entrepreneurs rtnfi (0272] 737222.
fit A WEEK FOR I CX ADDRESS combined
with Phone mouses and Uax under
£4 a week. Presthw offices near Stock
. Exchange. Menage .Minders Inter-
national OT-628 08SM Telex 0311715.

Copyrights, Trede Marks, Patents,
Parallel Imports are the subjects of
a residential seminar at
Detail k

Hertford College, Oxford

12-77 September
Oxford Vacation Courses
35 Queen Anne's Grove
London W« 1HW
Tel: 01-894 657ft or
Telex. 21 12DG Ref. 1467

FLORIDA. UA*. Commercial nmioped
JJ’flh'-rar*. 70% finance
i at 8*% reduefno rate of Intent.
Annllal payment. Rare opportunity.
Shaman and Sherman. 4S1 AjtftendVa
Avenbc. Harrow. Mkfdx. O’!-. 068 1223.
AIRCRAFT FOR SALE. New Caudair
Gtallerao - . London- New Yortciton,
fully complete Oct. 82, write Box
FJ3S7. Financial Timet, ‘lo cannon
Stmt, London, EC4P 48 Y.

FOR SALE

AS A GOING CONCERN

High Class 4 Colour Lltho Printers
Strategically Sited co City & West End

Excellent modern fully equipped leasehold premises.
Annual turnover £1.3m.

Prestigious customer list of Fong standing.
Experienced management and reliable staff.

For farther details please apply to : AL J. SPENCER. F.CJL,
Casson Beckman, 27/29 Queen Anne Street, London WIM'ODA.
Tel: 01-637 2561 Telex: 24487

Private Merchant Supply and
Distribution (Coatings)
Companies of
Standing and Repute
Small but with excellent, established
customer connections* internationally
offering immense pDtontiarfor deve-
lopment. Group structure ottering
taxation advantages Disposal for
health and personal circumstances.
Genuine opportunity for British Of
overseas buyers 'seeking access
marine and industrial markets.
Principals only, prepared complete,
prompt, strainbtf orward acquisition
please apply in confidence to:

Box GB212. Financial Times
10 Cannon Street. London £C4P 4SY

•' vV

• p

'i.^n • ; J
■i-; \ i: 1

•4

---,1 i

The assets and connection of a
STEEL FABRICATION
COMPANY

about to commence liquidation
. comprising:

Excellent Freehold Premises of a boot
2 acres at Rotherwas, Hereford,
including large parking and storage
areas, modem offices, 6 overhead
cranes, workshop (7,500 sq HI.
covorcd area (7.500 so ft). Usual
Plant. Machinery, Siocka and
Vehicles.

Enquiries to: Elton P. Edwards.
F.C.A.. Little & Co., Chartered
Accountants. AH Saints- Chambers.
Gore. Hereford. (Tel: 0*32

BUSINESS FOR SALIE *BY RECEIVER

FRANK WRIGHT SHOES LIMITED

The entire business and assets of this well known

MENS FASHION SHOE MANUFACTURER

based in Kettering, Norrhano (14 miles From Junction JS on
Aji s - an i °'' u P7 ,n £ w ? 5l " n 8 |e storey Freehold Factories.
Additional self-contained freehold workshop at Burton Latimer
(3 miles from Kettering).

Contact die Receiver, P. W. G. DuBulnon
Binder Hamlyn, 8 St Bride Street. London EC4A 4DA
Telephone: 01-363 3020

GAS CONVERSION
EQUIPMENT FOR VEHICLES
& FORK-LIFT TRUCKS

MANUFACTURERS
SPECIALISING IN
THE ABOVE
FOR SALE

Approx. 5.000 sq, ft. CIimw to
London Airport.

Apply Box G7519, Financial Times '
10 Cannon Street EC4P 4BY

Elij

FQR SALE

RETAIL TRAVEL AGENCY GROUP

a J?£ UB r- 25 !? ^ 6 , hi &My profitable and prestigious Retail
i^S/£22L pri8infl V ,n P nm e locations situated in the

’SEmmi ^'S wiATAfiSl:""" 1 1/0 «»■»

Principals only sppfy Box GB21S. Financial Times
" 10 Cannon Street, London EG4P 4BY

SOLE U.K. ANR EIRE
DISTRIBUTORSHIP

For sale. Distributor of U.S. mana-
lectured energy saving product*
with commercial vehicle application.
Bned in Ejsr Midlands. Annual
turnover in cxcesi of £800.000.
Write Box CB2Q8, Financial Times
10 Cannon Street, London ECdP 4BY

LONDON SUBURBAN -
WEEKLY

NEWSPAPER

£250,000

£259,000+ per year revenue
Considerable scope for
expansion

Write Sox G8Z20. Financial Times
10 Cannon Street. London EC4P 487

FOR SALE AS GOING CONCERN

A SMALL CHAIN OF

D.I.Y. SUPERSTORES

Modem Unics—eadi over 20,000 sq ft
Trading from Ideal Locations with Ample Car Parkings
■ Genuine enquiries from Principals only.

Wnto tor further information to Box <58193, Financial Times
10 Cam on Street, London ECV 4BY

SMALL ESTABLISHED
WELL-KNOWN HIGHLY
RESPECTED COMPANY
manufacturing to the textile indus-
try. Hit by recession but products
wiif always be required. Modern
factory 2.300 sq ft. Small loyal «eR.
Illness of owner necesittatet earn.

Wnta Bax 08219. Financial Timas
10 Cannon Street, London EC4P 4&Y

. V *

Two Fully Llccnnl Clubs fix’ ad*
i in Saswjt Beautifully attotf. Owetr.rg
tlrino. £100,000 far ttu- twa, A •««
tbesa CMdw- r ‘

oemrtvmtetB acquire these (HUw. w»
Box G.S210. Financial Tic.**.- to Can-
non Street. London, K4F 4 BY,

mmaszzxasmm

Financial Times. Tuesday August 10 1982

BBC 1

TELEVISION

LONDON

6.40-7.55 am Open University
(Ultra High Frequency only).
9.20 Hong Kong Phooey. 9J30
Jackanory. 9.45 Paddington'. 9.50
Why Don’t You . . . ? 10.15-10.30
Think ! Backwards. 1.00 jim News
After Noon. 1.30-1.45 Bagpuss.
4.15 Regional News for England
(except London). 4.20 Piay
Schooi. 4.45 Lassie. 5.05 John
Craven's ftevrsrnund. 5.10 Swap
Shop " On The Road " with Adam
Ant.

5.40 News.

6.00 Regional News Magazines.

6.25 Toni and Jerry.

6.35 Kick Stan: A motorcycle
trials competition.

9.30 am Rocket Robin Hood,
i? v,iiv*w. 9-5<? Wild. Wild World of

Highlight for me tonight will be Caraaval which follows the T Tt e Nature of

in r... \ TTPPA the carnival i. Iu . n * 5, 11 - AU ine

Tonight’s Choice.

FT COMMERCIAL LAW REP

nj£juiguL iWJ me tuiugiii. wui uc buww Things 11 10 Th» u; ctnn ,

five-day thrash in Bahia (Salvador) in Brazil. Here the carnival Mafc *£ 1L3 j, PainT Alo ” Wi ft
is the big event of the year. The city- was. the cenrre for Je N r ancy 12.00 Pui lover. 12.10 pm
slave trade and the blacks of Salvador retain more of lath Lg t - g pretend. 12.30 The Sulli--
century West African culture in their songs and: dances than Vans 1.00 News, plus FT Index,
contemporary Nigerians. Christianity has given a very light 1.20 Thames News with Robin’
gloss to the 'African Gods, but the churches of the town and Houston. 1.30 Emmerdale Farm,
colonial mansions provide an ornate setting to the party (ITV 2.00 A Taste of China. 2.45 The
10.301. ' • Spoils of War. 3.45 Father Dear

How different from the home life of our own dear Arthur Father. 4.15 Dr Snuggles. 4_2(
Negus. At S.D5 on BBC-2 he is actually in somebody else’s home, Runaround. 443 What's Happen
the beautifully -sited Goodwood House in Sussex. But he talks well

Damages for lost option to buy ship

CN- MARINE INCORPORATED v STENA LINE A/B AND ANOTHER
Court of Appeal (Lord Denning. Mister of the Rolls, Lord Justice May and Sjr Sebag Shaw): May 25 1982

about its history and treasures.

Hi-De-Hi! is in the great tradition of BBC comedy. The
Corporation has a knack in casting which seems quite beyond
the commercial competition, and this run of repeats just confirms
the quality of th» concept and characterisation. Another well-
liked repeat Private Shnlz comes - to a close tonight. The Tuesday
7.05 The Show - Me Show, with documentary looks at President Sadat and considers why his
John Craven and Maggie assassination left the Egyptian people so unmoved. 1

ANTONY THORNCROFT

PhiJbin.

7.35 Hi-De-Hi!

8.05 Private Schulz.

•9.06 News.

955 Why Was Cairo Calm? The
Tuesday Documentary.

10.15 Pasmore, starring Philip
Jackson. Alison Steadman
and Jimmy Jewel.

2I.3S News Headlines.

11,40 Late Night In Concert.

BBC 2

6.40-7.55 am Open University.
10.30-10.35 Play School.

5.10 pm The Inside Scene.
t5.40 Laurel and Hardy in “ Hog
Wild." '

6.00 Ventriloquist Cat.

6.05 The World About Us.

6.55 Six Fifty -Five Special.

7.30 News Summary.

7.35 Food and Drink.

«.05 Arthur ‘ Negus Enjoys
Goodwood House.

- 855 Bird Spot.

8.35 The Past Afloat
■&.00 John Ford Season.

Sun Shines Bright’

10.30 Turns.

11.00-11.50 Newsoight

The

mg. 5.15 The Real World.

5.45 News.

6.00 Thames News with Riia
Carter and David Beilin.

6.25 Help! Community action
with Viv Taylor Gee.

6.35 Crossroads.

7.00 Looks Familiar: Denis
Norden with his guests
Bob Monkhouse. Peter
Noble and Gloria Swanson

7 JO The Video Entertainers.

8.00 The Streets of San Fran-
cisco.

9.00 Playhouse.

10.00 News.

10.30 Carnaval.

11.30 City of Angels.

12.25 am Close; ‘‘Sit up and

Listen ” with Sian Phillips
T Indicates programme in
black and white

All IB A Regions as London
except at the following times: —

ANGLIA

9.30 am Sesame Street. 10 JO The
New Accelerators. 10. 65 Joe 90. 11. 2s
The Flying Kiwi. 11.50. Capia in Nemo.
12.30 pm Gardening Time. 1.20 Anglia
News. 3.45 Robin's Nest. 6.00 About
Anglia. 7.00 Survival. 11.30 Nero
Wolfe. 12.30 am Tuesday Topic.

BORDER

9.30 am Larry The Lamb. 9.40 Evolu-
tion. 10.00 Cool Me Cool. 10.20 321
Contact. 10.55 Roses Cricket: Coverage
of the final day of the match between
Lancashire and Yorkshire 1.20 pm
Border News. 3.45 Rosas Cricket. E.15
Roses Cricket. 6.00 Lookaround Tues-
day. 7.00 Robin's Nest 8.00 Simon
and;. Simon. . 11 JO Border News
Summary.

CENTRAL

9.55 am Our Incredible World. 10-20
The National Youth Jazz Orchestra in
Concert, featuring Litsa Davies 10.45
The incredible Hulk. 11.30 The Crazy '
World of Sport. 12.30 pm The Young
Doctors. 1.20 Centre] News. 3-45
Robm'e Nest. 5.15 Morjr and Mindy.

6.00 Crossroads 6. 25 Central News.

7.00 Private Beniamin. 8.00 May it urn
11-30 Central News. 11.35 Coy of

CHANNEL

12.30 pm Retirement Report. 1.20
Channel Lunchtime News and What's
On Where. 3.4S Survival. - 520 Cross-

roads 6.00 Channel Report. 6.15
Simuiay. 8.30 Private Benjamin. 7.00
Robin's Nest. 8.00 Simon and Simon.
10.38 Channel Laic News. 11.30 Nero
Woliq. .12.25 am Commeniaues et
Prevision* Maicoiologiques.

GRAMPIAN

9.30 ant First Thing. 9.40 Sesame
Street 10.40 Project UFO. 11 30 Zoom
the Dolphin. 11.55 Undersea Adven-
tured of Captain Nemo. 12.30 pm
Gardening Time. 1.20 North News.
3.45 Clegg's People 6.00 Summer et
Six. 7.00 Room's Nest. 8.00 Simon
and Simon. 11.30 Musical Special.
12-30 am North Headlines.

GRANADA

9.30 am Larry the Lamb. 9.40 Evolu-
tion. 10.00 Cool McCool. 10.25 3-2-1
Contact. 10.55 The Roses Match.

I. 20 pm GranadH Reports. 2.00 Hie
Roses Match. 3.45 Tub Rosea March.
5.15 The Roses Cricket (final visit to
Old Trafford). 6.00 This Is Your Right.
6.05 Crossroads. 6.30 Grenada Reports
News. 6.35 Family Trees. 7.00 Robin's
Neat. 8.00 Simon and Simon. 11.30
Journey Into The Unknown.

HTV

9.35 am Sesame Street. 10.35 Tues-
day Morning Feature Film: *' Tama-
ftine." 72.30 pm Gardening Tims. 1JD
HTV News. 3.45 Survival. 4115 Ask
Oscar! 5.15 Oilfiem Strokes. .6.00
HTV News. 7.00 Rabin's Nest. 8-00
Simon arid Simon. 10.28 HTV News.

II. 30 Ethnic Roots.

HTV Cymru /Wains — As HTV West.

Clei.

except 12.00-12.10 pm Mister
4.15-4.45 Ar Ei 01. 6.00 Y Dydd. 6.15-
6.3S Report Wales. 11 .30-12.15 am
Brass in Concert.

SCOTTISH ~

10.00 am Once Upon A Time . . .
10JS Bailey's Bird. 10.50 Pro-Celebrity
Angling- 11.15 Liitla House on the
Piaine. 12-30 pm Gardening Tima. 1.20
Scottish News.- 3.45 The Real World
5.15 Pet Subject. 5J0 Crossroads. 6.00
Scotland Today. 6.30 World Worth
Keeping. 7.00 Robin's Nest. 8.00 Skin
Deep. 11-30 Late Call. 11.35 Pro-
Celebrity Snooker.

TSW

9.30 am Sesame Street. 10.30 Feature
Film: '• Tna Million-Pound Note."

starring Gregory Peek. - . 11-50 The
Underseas Adventures' of Captain
Nemo. 12.30 pm ■ Retirement Report.
1.20 - TSW News Headlines. 3.45
Survival. 5.16 Gus Honeybun'a Magic
■ Birthdays: 5.20 Crossroads. 6.00

Today South West. 6.30 Private Ben-
jamin. 7.00 Robin's Nest. 8.00 Simon
and Simon. 10.32 TSW Late News.
'11.30 Nero* Wolfe. 12.25 am Postscript.
12.30 South West Weather.

TVS

9.30 am 3-2-1 Contact. 10.00 "The
Amorous Prawn," starring Joan Green-
wood and Ian Carmichael. 11.30 A Full
Lile. 1.20 pm TVS News. 3.46 Wel-
come Back Kotter. 6.15 Diff'ront
Strokes. 6.00 Coast to Coast. 7.00
Robin's Nest. 11.30 Lata Night Drama.
12.00 Company.

TYNE TEES

9.20 am The Good. Word. 9.25 North
East News. 9.30 Clegg's People. 9.55
The Music of Man. 10.SO The Under
sea Adventures o I Captain Nemo. 10.55
■Rests Cricket: Lancashire v Yorkshire
1.20 pm North East News and Look
around. 2.00 Roaea Cricket 3.46 Rosea
Cricket. . 5.15 .Roses Cricket. 6.00
Notth -East News. 6.02 Crossroads
6.25 Northern Life with Tom Coyne
7.00 Robin's Nest. B.00 Simon and
Simon. 10.30 North East News. 11.30
The Living Legends ol Jazz and Blues
Muddy Waters. 12.00 Lawrence's Law

ULSTER

10.15 am Story Hour. 11.10 Sting-
ray. 11.35 Call It Macaroni. 1.20 pm
Lunchtime. 3.45 Untamed Woild. 4.13
Ulster News. 5.15 Gambii. 6.00 Good
Evening. Ulster. 7.00 Robin's Nest.
8.00 Simon and Simon. 10.29 Ulster
Weather. 11.30 News at Bedtime.

YORKSHIRE

9.30 am Sesame Street. 10.30 Magilla
Gorilla. 10.55 The Roses Match: cover
age from Old TraHord ol the cricket
match between Lancashire and York-
shire. 12.30 pm The Roses Match. 1.20
Calendar News. 2.45 The Roses Match
3.45 Calendar Tuesday. 5.15 The Roses
Match. 6.00 Calendar (Emlov Moor
and Belmont editions). 7.00 Robin s
Nest. 8.00 Simon and Simon. 11.30
Bradford International Jazz Festival:
Mmgus Dynasty

(5) Stares broadcast (when on vht)

RADIO 1

6.00 am As Radio 2. 7.00 Mike

Read. 8.00 Simon Bates. 11.00 Dave
Lae Travis. 12.30 pm Nev/sbeat 12.45
Paul Burnett. 2.00 Steve Wright. 4.3o
Parer Pnwell. 7.00 Talk about 8.00
David Jensen. 10.00-12.00 John Peel
(SJ.

RADIO

RADIO 2

6.00 am Don Durbndge (SJ. 7.30
Ray Moora (SJ. 10.00 Jimmy Young
IS). , 12.00- Gloria Hun ni lord IS).
2.0 pm Ed Stewart (SI. 4.00 David
Hamilton (S). G.4G News; Sport. 6.00
John Dtmn [Sj. 8.00. The Songwriters
(S). 8.00 Listen to the Band (S). 9.30
TJib Organist Entertains (S). 9.5S

Soorts Desk. 10.00 The London
Palladium Story, introduced by Max
Bygraves. 11.00 Brian Matthew pre-
sen is Round Midnight fsrereo from

midnight). 1.00 am Encore (S). 2.00-
5.00 You and the Night and the Music

(Si-

RADIO 3

6.55 am Weather. 7.00 News. 7.05
Morning Concert IS). 8.00 News. 8.05
Morning Concert (coniinuod). 9.00

News. 9.05 This Week's Composer:
Frank Bridge [SJ. 10.00 BBC Scottish
Symphony Orchestra, Part 1: Haydn
CSV 10.30 Violin and - Piano recital (S».
11.10 BBC Scottish Symphony Orch-
estra. Part 2: Bruckner (S). 12JSJ pm
London Baroque, pari 1 (SI. 1.00

Newe. ■ 1.05 Six Continents- 1.25

London Baroque, part 2 (S). 2.05

BBC Northern Symphony Orchestra
|S). 3,10 Cheltenham Festival 1882

(S). 4.55 News. 5.00 Mainly For

Pleasure (S). 6.30 Jazz Today (S).
7.00 The Fruits of the Spirit. 7.30
Proms Irom the Royal Albert Hall, part
t: Strauss, Holloway (S). 8.25

Pleasures (talk by Bernard Levin). 8.45
Proms, part 2: Brahms (S). 9.45

Genes. Mind end Culture.

Field and Beethoven (S).

News.

10.46 John
11.15-11.18

RADIO 4

6.00 Bm News Briefing. 6.10 Farm-
.ng Today. 6.26 Shipping Forecast.
620 Today. 8.43 "The Midnight Ft»."
8.57 Weether: travel. 9.00 News. 9.05
Tuesday Call: Psychology Now. 10.00
News. 10.02 From Our Owiti Corree-
pnndenl. 10.30 Daily Service. 10.45
On Holiday. 11.00 Nowa. 11.03 Thirty-

Minute Theatre. 11.33 Wildliie. 12.00
News. 12.02 pm You end Yours. 12.27
England. Their England, yb A. G. Mac-
dannelt 12.55 Weather: travel: pro-
gramme news. 1-00 The World At
One. 1.40 The Archers. 1.65 Shipping
Forecast. 2.00 News. 2.02 Woman's
Hour. 3.00 News. 3.02 A Banco to
the Music of Time (S). 4.00 News.
4.02 Strange People and Experiences.
4.10 The Lost Battlefield. 4.40 Story
Time. B.00 PM: News magazine.' 5.50
Shipping Forecast 5.55 Weather; pro-
gramme news. 6-00 News, including
Financial Report. 6.30 Biam of Britain
1?32 (SJ. 7.00 News. 7.05 The Archers.
7.20 Medicine Now. 7.50 File On 4
B.20 The Seaside m Summer. 9.06
In Touch. 9.30 Kaleidoscope. 9.59
Weather. 10.00 The World Tonight.
10.30 injury Time (SI 11.00 A Book
at Bedtime. 11.15 The Financial World
Tonight. 11.30 Music at Night. 12.00
News.

IN DECIDING whether
damages , arc an adequate
remedy In a claim for specific
ppiTormance of an option to
buy a ship, the court should
take account of any advan-
tages which make that ship of
special value to the buyers;
and -an easting advantage
which would bare ceased by
the time the sale was effected
under the option does not
josft'fy an order of specific
performance Instead of an
award of damages.

'k

IQS days of the summer .season,
and that they were entitled to
exercise the option to purchase
at the end of i&*3.

The owners took redelivery of
the vessel , on September 9 1981.
and used her on other services
during the winter season, as they
were entitled to do. About that
time, however, they entered into
negotiations which were seri-
ously in breach of the charter.

They arranged to charter the
vessel to Regie for two years
with an option to purchase. That
would mean she would not be
able to fulfil her commitments
to the charterers for the summer

Of the vessel for 1982 and 1983.' advantage and of considerable

The Court of Appeal so held
when dismissing an appeal and season of 19S2.
allowing a croswppea] from a The owners delivered the
decision of Mr Justice Farker In vessel to Regie, who then did a

It would have to pay the hire
to the charterers during those
two >3ars, but the charterers
would be able to get title at the
end of 1982.

The charterers appealed from
the second part of the judge's
order, in which he gave Regie
the benefit for 1982 and 1983.
They srid that the decree for
specific performance ought not
to be limited in respect of those
two years. They ought to be
able to get delivery of the vessel
in order to be ready for the
summer season in June 1982.

Miss Heiibron. for the owners,
look the point that specific per-
formance was not the correct
remedy. She agreed that it

value on the service, though if
was clearly of less value if she
was to be operated, as she was
after 19S2. on another service.
He found that ihe advantage was
just sufficient when taken with
other matters, inrludmc the
owners' conduct, to satisfy him
that an order fpr specific per-
formance should be made.

It was very difficult to recon-
cile that reasoning with The
judge's later reasoning that the
charterers should have specific
performance subject to the con-
dition that Regie should have
the benefit of its charierparty
for lu'o years.

•k

That took away tire ‘'sisier

airs
>f th

— - w * wiaii ah YTOci iv ncftit. hi v ii mu a . ... . i il>1( tuur. urc nioirr

the Commercial Court (FT. May great deal of conversion work on J, t,uId .“ e ° r ? er ™ k»j t£ ship *’ point, because Regie

lit. The auoellams worn PM hnr tn mfikii her fit fnr Phanni*! h>r sale Of a Ship, but Skid that u , nll i , i,,,„ a the net, ih« vpunl

Lintej
ufact
verj
out.
perk
s ha:
bur
l £n
seek

111. The appellants were CN her to make her fit for Channel
Marine Incorporated.' charterers, service. Regie took possession
They appealed against that part of her in good faith without

of the judge's decision which. was
against them, hut the part which
was in their favour was reversed.
Judgment . was therefore in
favour of the respondents, Stena
Line A/B, shipowners A cross-
appeal by. the second respondents.
Regie Vuor Maritiem Transport,
a Belgian company, was allowed.

LORD DENNING, Master of the
Rolls, said that in May 1976 ihe
Swedish owners of the Nordica
chartered her to Canadian
charterers on a most unusual
type of charter. It was for up
to 108 days during the summer
season each year. For -the
remaining 257 days the vessel
revert i?d to the owners who
could use her as they liked.

The charterers had an notion
to renew the charter, and an
omion to purchase the vessel ai
the end of the fifth nr sixih
years. In July. 19S1 . the
harterers notified the owners
thar They exercised the option
to renew the charter for a
further year commencing
January 1 1982.

The effect was that ihcy were
entitled to have the vessel for

notice of the previous charter-
pa ny.

The charterers did pot know
of ail those goings-on. They

exercised their option to pur-
chase lhe vessel on March 2
19S2. On March 6 they sent
their representative to Holland
to inspect the vessel. She was
in the shipyard undergoing ex-
tensive alterations.

It was plain that the owners
had no intention of honouring
their agreement with the char-
terers. They' offered them
another vessel. It was quite
unsuitable and was rejected.

The charterers commenced
proceedings against tile owners.
The trial was held before Mr
Justice Parker.* He • made an
order in favour of the charterers
to the extent that he decreed
specific performance of their
option to purchase bm — almost
in the same breath — he took
away the benefit of it Tor lhe
years 1982 and 1983. He said
it was to be subject to. and with
the benefit of. the charter to
Regie.

The result of that order was
that Regie would have the use

in ihe present case damages
would be an adequate remedy.
The owners would be good for
the money.

★

Regie cross-appealed, h said
That it was not good enough that
it should simply have lhe benefit
for two years, but that it should
have performance in accordance
with the terms of its charter-
party. namely, for Two years nul-
rigiil with an option Tor a
further year and an option to
purchase.

The fundamental
whether damages
adequate remedy
charterers.

The charterers, in case ihev
did not get specific performance,
had made contingency plans
involving the use of other
vessels which would enable them
to nin their service for the
season. Althouch thnse arrange-
ments would not he entirely
satisfactory. Mr Justice Parker
ihoueht that it was a telling
point. But what tipned the
scales for him was the fact that
the vessel was a sisier ship tn
two already operated by the
charterers on the same sendee.

He said that was a special

point

were

for

was

an

the

would have the use of the vessel
during ihe time when the judge
had said it would be valuable as
a sisier ship.

Specific performance could he
made in the case of a ship, but
in the present ease damages
would he an adequate remedy.

In those circumstances, as a
matter of discretion, it was not a
case for any order for specific
performance. The charterers lost
on that point, and the owners
won.

As to Regie's cross-appeal, It
was plain that as the charterers
only had a remedy in damages.
Regie was entitled to specific
performance of its charter-party
on the agreed terms. The cross-
appeal should be allowed accord-
ingly.

Lord Justice May and Sir Sebag
Shaw gave concurring judgments.
For the charterers: Leonard Hoff-
tnnnn nnd .11. S. Hoicnrd
( Hill. Dickinson and Co. ).

For the otrners ' Hilary Heiibron
t \onon Rose. BoUerell and
Roche J.

For Repu- Johun Stevn QC,
Bruce Reynolds nnrt .1. G. Bom-
pav t Ince and Co. ).

By, Rachel Davies
Barrister

won
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RACING

BY DOMINIC WIGAN

ALL SYSTEMS GO and Shear-
walk, two of the principals in
dramatic finish to Goodwood's
Lanson Champagne Stakes,
renew their rivalry jn today's
Seaton Delava] Stakes at New-
castle.

In what should prove another
good race for this Group 3
prize, the other runners are the
unbeaten Rocky Marriage and
the colls Beldale Concorde and
Cause Celebre.

Rocky Marriage, a Riva Ridge
bay wha made $40,000 (£24,000)
as a foal before being sold
twice as a yearling — first for
$60,000 and then for 17,000
guineas — has won both his
races in style. The easy con-
queror of ma ricet leader Noster
Puer in a 10-runner event at
Sandown early last month.
Rocky Marriage followed up
with a three-length win over
Amarone in the Donnington
Castle Stakes at Newbury soon
afterwards. .

However, Rocky Marriage has
yet to tackle anything more
than moderate opposition.

He may well complete the hat-

trick, but my own idea of a
safer bet in today's company
is Shearwalk, a coll already
proven at this level. But for
being chopped for room inside
lhe final furlong marker at
Goodwood, this handsome grey
son of Godswalk would un-
doubtedly have got in a serious
challenge to AH Systems Go and
Lyphard's Special. Sheanvalk,
1J lengths adrift at the line,
is carrying 3 lbs less this time.

Haif-an-hour after the £16,000-
added Seaton Delaval, Beldale
Concorde's owner, trainer and
jockey. Tony Kelly. Michael
Jarvis and Pat Eddery, can
expect a win from Northern

Secret in ihe Wansbeck Stakes.
On her one appearance, this
fine, big filly by lhe Northern
Dancer stallion, Arts And
Letters, was the only member
of Ascot’s Granville Stakes field
to get into a tussle with the
winner, Naar.

NEWCASTLE

4.00— Shearwalk**

4.30— Northern Secret***

3.00 — Amber Vale
FOLKESTONE

2.45 — Cereia

3.15— Sparkling Moment*
NOTTINGHAM

B.00 — Zaheendar

7.30— Strafui

8.30— Brodi Crystal

BUSINESSES FOR SALE

BUSINESS FOR SALE
Wholesaler and
Manufacturer of
Fishing Tackle

WIRRAL

. Long established wholesaler selling In the UK and
overseas. ; '

Manufacturer of ' fishing rods, fittings and metalwork
under own brand names.

Long-leasehold warehouse and offices of approximately
9,200 sq.ft, located in Mcyeton, WirraJ.

For further details contact joint receiver and manager:-

Mr. John Warren, Ernst & Whinney, Lowry House,

17 Marble Street, Manchester M2 3AW.

Tel: 061-832 5784.

Ernst & Whinney

WOODROW
WYATT GROUP

- Fbrsale— an established buaness involved in
. thepririting of newspapers, magazines,
iperiodicals etc., trading from excellent modem
freehold and leasehold premises, with high
^capacity plant at Banbury and London. Total
tiirno\/er is approximately £8 million and there
isa substantial order book. •

Aseparatesale of the London operation, with a
turnover of £2 million wilt be considered.
Enquiries to the receivers and managers
AA Davis and P.R. Copp oh 01^486 5858
quotingreference KG or in writing to:

BB

Hi

■M

Stoy Hayward & Partners

44 Baker Street, London W1M tDH.

BUSINESS FOR SALE

Electronic
Instruments and
Sampling Equipment

NORTH WEST

Manufacturer of electronic instruments and sampling
'equipment, primarily for uses relating to the movement of
fluids. Designer of related instrumentation and control
equipment!. Manufacturer of computerised telemetry
equipment.

Operating from long-leasehold premises in Greater
Manchester of approximately 12,000 sq. ft.

Sales of approximately £1 million in home and overseas
markets.

For further details contact the receiver and manager:-
Mr. John Warren. Ernst & Whinney, Lowry House,

17 Marble Street, Manchester M2 SAW.

Tel: 061-832 5784.

EUI

Ernst & Whinnev

Following the appointment ctf Receivers at

Carron Company limited

the follovvi businesses are for sale
as going concerns

Stainless Steel pressing and fabrication — 19S1 turnover £7.5m
market leader for stainless domestic sinks — location Faikirk.

Steei hath pressing and enamelling — 1981 turnover £4m — largest
UK producer — location — Falkirk.

Foundry with finishing shop and very modern vacuum, bath casting
plant— important government contracts — 1981 turnover £4m —
location Falkirk.

SUBSTANTIAL

HARDWARE BUSINESS

SUFFOLK

Atco, Honda and Calor Main Dealerships held.

Good current stocks.

T/O £im p. a.

FREEHOLD PROPERTIES
including

LARGE RETAIL OUTLET

Full details from:

Box G.B221. Financial Times. 10 Cannon Street. London EC4‘P4BY

Stainless

Glasgow.

Steel Fabrication — 1981 turnover £0.75m — location

Plastic baths and accessories
mainly Halifax.

-19S1 turnover — £3.5m — location

Ceramic bathroom products — 10S1 turnover £3.5m — location
Burton-on-Trcrot.

WELL-ESTABLISHED GROUP

GARDEN DISCOUNT CENTRES

Retail Depots — Ipswich, Norwich, Lowestoft & Peterborough
Weil -fitted and fully-stocked Units
T/O £Tm pju approx.

Has fittings and laps— 1981 turnover Elm — location Birmingham.
Duct and Access Covers — 19S1 turnover £0.8m — location Newport
Further particulars of the foregoing businesses may be obtained
from the receivers.

Mineral
Processing
Plant
for sale

Baiyies and Diner mmeiaK processing
facility, including dual cyclone QMS.
Halation laMes. spirah,. and complete
drying arid giinding pUm

Mill itnpacilv appro* 27 tonnes per
tioui Gnndct capacity .’ppro* 7 tonnes
pei from Mineral deposits also
available

Leasehold premises in Derbyshire.
C3 cmplOYMB

Writ* lo iSiepru-n Arlsni-ori C.A. ol
Arthur Young McCfoHantf Moores £ Co-
Rolls House. 7 Rons 9uil0ings.

Fetter Lane, London EC4A 1NH.

01-831 7130 BM. 4180

Arthur Youn g McClelland Moorea & Co.

AufMcnn *w*eunv< wdmimjv iwiuiimilmi

J

Contact: Mrs Anderson, 031-557 2111

Deloitte
Haskins+SeHs

P.0. Box 204, 29 Abercromby Place, Edinburgh EH3 6UE.

Full details from:

Box GM222, Financial Times, 10 Cannon Street. London EC4P 4BY

ELECTRIC MOTOR
MANUFACTURING FACILITIES

■ Located West Midlands

cellaring -40.000' *q ft of property set in 5-acre freehold site.

85 p*opl«- Annual turnover to- June 1981
fprokunately £15ni-

-- ' priaelpela only write W

, , Box FT/nt.. c/a 4/7 Red Lion Court, Beet Street, London EC4A 3EB

Drift
Coil Mine
Tor sale

Well established colliery tdnit mmei
situated m (he Nonn OerOysrura
Coalfield lot sale.

Fioduclion approx. 20.000 lonnss
per annum. 36 employees.

Wilts lo. Stephen Adamson. CA. of
Arthur Young McClelland Moores 6 Co„
Rolls House, 7 Rons Buildings,

Falter Lane, London EC4A 1NH-
01-631 7130 exL 4180

ArthurVoung McCfeiiand Moones A Go.

FOR SALE

The assais and undertakings of R. J R. Holdings (North
West) Ltd., electrical wholesale and control qear dts-
triburois, with locations in Si. Halans. Middleton r,nd
Preston The company's turnover in the year to 31 si
Ociobei. 1981. was In ovecss ol C2 2 million.

Further details from the jornr receivers
and managers:

A. Griffiths and D. Rowlands
THORNTON' BAKER
1, Stanley Street. Lhrorpqol LI 6AD
Tel: 051-227 4211

FOR SALE

MANUFACTURER OF ELECTRICAL MATERIALS
and related products

used in a wide range of industrial products and
electrical appliances. The factory is located in the
South of England and has an annual turnover of
£2 million.

Write Bor G.8223, Financial Tinws
10 Cannon Street, Ltntckni EC4P 4BY

SEMINARS

PLANT AND
MACHINERY

THE U.S. COMPUTER

5ER VICES INDUSTRY

A MARKET ANALYSIS

AND GROWTH FORECAST

A morning seminar to M held on
Thursday. Scoremwr 2nd. tw PETER
CUNNINGHAM, President of Input

Inc . a leading u j. Information Pun-
ning Consul tarn Y. Venue: Piccadilly
Hotel. London, wi. Fee- £95 including
luncheon. Registration. Telephone Keith
Hocking: 01-438 8985.

FORK LIFT TRUCKS

Ready for Work

Price* from CKW.

Choice d( SO.

In extrematy good condmon.
BIRMINGHAM FORK LIFT TRUCK

LTD

Hama Road, Saltley

Tel; 021-327 5944

SMALL GTN GROUP
FOR SALE

Muiiiplo reiail group has a CTN
subsidiary ol seven shops, turnover

Cl. 5 million, for Bale. For details
write.

The Chairman

Box G 8213. Financial Timas

10 Carmen Sueet. London EC4P 4BY

BUSY STAMP BUSINESS

IN N.W. HOME COUNTIES
SHOPPING COMPLEX

Eatenaive and comprehensive slock
of stamps and accessories valued

In excess of E80.000. Sale due to
age end health.

Wrifc Box G821J, Financial Times

10 Cannon Street, London EC4P 4 BY

Offered for Sale
as going concern

London and Saudi based group.
Trading / Freight Forwarding

business. Present business Mid
Ease and Iberian peninsula.

Write Bor GB217. Financial Times
10 Cannon Street. London EC4P 4SY

FOR SALE

CATERING EQUIPMENT
MANUFACTURER
making £500,000
Based in the United Kingdom.
Principals only— fee required,
Write Box GB209. Financial Times
fO Cannon Street. London EC4P *BY

100 %

TAX ALLOWANCES

plus a minimum 15V return on a
loraiiy secure investment. Air
Charter company nftgr^ ior sale
a.ucurive cemmercial aircraft, with
leaseback contract.

Purchase Price £130,000

Write Box GB214. Financial Tunes
70 Cannon Street. London EC4P 4BY

»UND CIVIL ENGINEERING COMPANY
ror Ml* or Mn Hit, Turns m* C-.m on
f«^ c 1 r »Be *iKl Watermaln Contracts for
Local Authorities. Modern yards and

glint, N.W. England. Director retiring.

24. Financial Trows, jp.

Write ton CB2 — , ln r

Cannon Street. London EC4P 4BY.

LEISURE PRODUCT
MANUFACTURING COMPANY

FOR SALE

mltiion.
in the

Price approximately Q*j

Highly profitable Based
Tiotth. Principals only.

Write Box GR 206. Financial Timas
10 Cannon Suaat. London EC4P 4BY

FOR SALE, I m>r nation at Air C purler eom-
Principals only to Boa
G 0218, FliUWiAJ Tbi>p|, 10 C^itma
Crcct. London, EC4P 4SY.

12

Financial Times Tuesday August 10 1982:

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FINANCIALTIMIS

BRACKS^ HOUSE,: CANNON STREET, LONDON EC4P 48Y
Telegrams: RnanUmo, London PS4.Telax: 8954871
Telephone; 01-248 8000 ’ •

Tuesday August 10 1982

Long haul
for Mexico

MEXICO'S adoption of a two- pesos of servicing its foreign
tier foreign exchange rate. debt.

amounting to a heavy selective
devaluation, bears the liall-

It is important to understand
that the crisis that has buiir up

is one of liquidity, unlike tbe

mark oF Sr Miguel do la Polish crisis. Mexico is not in

Madrid, .the President-elect difficulties because its productive
who lakes over oil December 1. Llconomv has collapsed. The
During the election campaign tr0E1 hjp lies in over-ambitious
he called for a change of direr* development and exaggerated
tion from economic growth to t. SIH . c t aliens built on an oil boom

that has suffered a setback.

RADIOACTIVE WASTE

Difficulties of a decent

By David Fishlock, Science Editor

disinflating an economy bloated
by over-ambitiuus expansion
plans and a public sector
deficit that had grown to 12.3
per cent of gross domestic pro-
duct by last year.

Measures

Overall, the economy had
grown by some S per cent
annually in recent years. The
■bubble was pricked when the
price of oil, Mexico's main
source of wealth and export
revenues, faltered thi s year. As
early as February, the peso
was floated, causing the ex-
change rate tn go from 26 pesos
lo the U.S. dollar to a rate jusr
below 30 pesos.

But supporting measures
subsequently taken proved
inadequate. Budget cuts still
left the prospective public
sector deficit in 1982 at 9.5 per
cent nf CDP and the impact of
devaluation was cushioned by
government -dee reed wage rises
of up to 30 per cent, A crisis
of confidence overtook inter-
national bankers, already strug-
gling with the problems of
countries such as Poland and
Brazil.

Mexico is hcavly dependent
upon the world's banking com-
munity. Its external debt,
public and private, was at
least STObn at the end of last
- year and it was estimated that
another $25bn-$2Sb n were
needed this year, of which
rather more than half wnuld
have to go towards debt
service. The doubts of inter-
national lenders became
evident when most of a S2.5hn
syndicated loan was left in the
hands of the underwriters and
when the Mexican government
had to <affer the record ini crest
rale of 18$ per cent on a $i00m
eurobond »n July.

Difficulties

Though Mexictv ran a visible
•trade surplus of $381m in the
first five months of tills year,
the Bank of Mexico's external
reserves took a dive because of
the services deficit and a flight
of capital. The corporate sector.

Under such circumstances the
chief T3sk facing Sr de la Madrid
is to rebuild confidence among
Mexico's creditors to tide the
country over a bad pateh. One
obvious means would be to
accept help from the Inter-
national Monetary' Fund. Doing
so would go very much against
the grain in Mexico City, where
the IMF is something of a bogey
man.

Yet there Is a strong case
for swallowing national pride.
IMF support would give courage
to Mexico's commercial creditors
at a time when their help is
badly needed. It would also
increase pressure on the
Mexican authorities to put their
own house in order.

Reply

The reply from Mexico would
be that the authorities have
already taken matters in hand,
for instance by postponing an
* ambitious nuclear programme,
and by the two devaluations.
How valid that reply is remains
tn be seen: the budget projec-
tions do not augur too well,
fun her supporting measures
will he needed.

It is also proper to query the
method of last Thursday's de-
valuation which will not apply
to foreign exchange trans-
actions required to pay for im-
ports considered In be in the
national interest — including
some capital goods — or to the
payment of interest to foreign
creditors.

Two-lier exchange rates are
never easy to administer in
practice, and Mexico may find
it harder than some others.
Mexico's long-standing reluc-
tance tn impose exchange con-
trols makes one fear the worst
because it was justified wilh
the argument that controls
wnuld he impossible to enforce.

A two-lier system is unlikely
to be more easily enforceable.

Even with skilful economic
management the crisis will take
time to blow over. But given
Mexico's position as a major
exporter nf oil. and in particu-
lar if it nbtalns the IMF's seal

A . NEW .industry, . of
Intense public interest,
has begun to take shape
in Britain. Us job is to dispose c
safely of Die 100,000 cubic
metres of radioactively con- ;
tam mated materials Britain is
expected to have accumulated
bv the end of the century.

Not only nuclear power
stations and fuel factories make
radioactive waste. Hospitals
create it when diagnosing and
treating patients with radiation.
Laboratories make it when they
use radioactivity as a research
tool. Amershara International
alone, Britain's biggest company
making radio-active products for
medicine, research and industry,
is expected to- contribute one-
tenth of the national radioactive
waste-heap by the year 2000.

The Government has resisted
political pressure to follow the
advice of the Flowers report on
“ Nuclear power and Lhe en-
vironment" dn 1976. and create
a new quango "with responsi- pacility

bility for the safe disposal of _

all waste arisings at nuclear lMd ?
sites.”* Instead it Is energetic- 2
ally wooing the private sector, 3
to reinforce the efforts of the
nuclear industry itself. Last La„<| 4
year about a third of the £10m
spent by the Department of the Land 5
Environment on its investiga-
tions of radioactive waste
management was carried out by
the private sector.

Radioactive waste, or rad-
waste. as it is known, is an
emotionally ’ charged subject
with some sectors of the public,
much of whose fears can be

• Operating nudw Norton

* NndHTWUt*S(WM
M %febnt
M MmM
L Lwfcrel

f

0 .

O Reacton nearing
com p latfan

A Amerahtm International
(radto-wotept manufacbR.

butwastassntto HmrmfO^

Nuclear Industry
Waste Stores

M 1.^-1 . ■

^ntrarston

The UK AEA’s Sellafleld reactor: dismantling project under
way

PROSPECTIVE NIREX WASTE REPOSITORIES

Description Commissioning date

SeUaffeld
Gaidar Hall
Dr! 03

SprtngfMds
Heysham
Capwihursf
L^Trawafynydd

Sea I
Sea 2

Shallow burial at Drigg Available

Engineered trench at 20-50m depth Late-1980s
Modified mine of : purpose-built 1990
cavity at approximately 100m depth
Purpose-built repository at approxf- ?997 (if needed)
mately 3 00m depth

Purpose-built repository at 300m Later than 2010
-J- depth for heat-generating wastes
Ocean disposal using conven- Available
tional packages

Emplacement on' or under deep Later than 201D
ocean bed

Courtesy; Department of (he Environment

* l Sm Dump (BOB mHesSWel Lands End)

west of Land's End with a

A Amershara

Winfrith ***

~ 1 Dunganess

NB.Ntf itwwnirtMIritatfYrtDrtBne*

earn mu MeodMrtwHh nuclear weapons
end nuefear submartnw.

Brana Radovie

waste together in two (perhaps

raring Board, to prepare them

traced to purple passages in the
Flowers report. Before it

appeared, there was little dis-
cussion of radwaste as a prob-
lem in Britain, even by oppo-
nent of. nuclear power or
weapons. Then came assertions
by Flowers that there should
be "no commitment to a large

However, what has now
provided a welcome focus for
commercial radwaste activities
is the creation of - Nirex, the
Nuclear Industry Radioactive

. . . . . . . .... 2.697-tonne cargo of entombed three) new facilities needed in

reay establishment of the UK t r ^ h slightly contaminated with less than a decade. The fire;
AEA. It? care is being left for p]ut 0 J 1 j unK Jf buried on land will be an "engineered trench,
the present tn the hands oe lhjs kind ^ waste —,1^, simple tn concept but designed
its producers. . «i«Hai— and msH^-provisions . for the purpose of storing low-

The Government has accepted [Q ensure ^ubhc safety level waste untainted hy

the advice of its expert Radio- Nirex takes over plutonium, at a depth of 20-30

active Waste 'Management resDons i bility for the sea dump metres. This will be needed hr

Waste Executive. Nirex, based Advisory Committee that such the late-lOSOs, from 19S6

Harwell, is the nuclear effluent should be made into aha ^ nn ^ xtw mat,* onwards.

at Harwell, is tne nuciear emurui abandon it there are nlans

industry's own proposal for a class ingots and stored at the *f on ^T ° invest ina frtggership A much bigger investment

small directorate to co-ordinate reprocessing site for 30 >ears

small directorate to co-ordinate reprorovuj: am* y»* and - hore -f ac .ujH es capaibae nf win be « modified mine or

the disposal activities of four or more, until the heat it emits Jandf/ng toiler dnanaftan at specially excavated repositoiy

large organisations creating -2.5kw per ingot imtially-is ? n about 100 metres deep, similar

Government no longer a problem in design- S*”™'

Defence waste still
‘relatively small’

advice to
its Radio-

to the salt mines of Asse near

method exists lo ensure the
safe containment of long-lived,
highly radioactive waste for
the indefinite future.”

Yet radwaste holds few
terrors for the waste disposal

radwaste TSa ^V ^Government ™ tonVa pSKi^ln dST^ Pf. sent ' ?***?

accepted the idea earlier this ing a final resting place either f^^wTste ^jSagraien^A^ Hanover where much low- and
year and wrote it into its White ground or beneath Coramittee raU^it “ a dt ntedium-level German nuclear

safe method of dis-
!shes to see it con-
not possible to de-

presenl, though this' may rise •»' t^ Vhe additional radioactivity

fn 10 — is acting for the CEGB. a « ainst * e naturaJ radioartivj

the South of Scotland Elec- (iSi ^icel bottles like background from uranium and

trldty Board. British Nuclear i 1 ™' '?•"?? "« , "J, 1 -* radium dissolved in the ae^

. . v 15111. V LiUlUUUU

programme of nuclear fission Paper on radwaste management > ■ . sirable and sai

untU it has been demonstrated last month.t .J*"'?, posal ” and wls

beyond reasonable doubt that a Nirex— just five people at J” 11 11 J 1 .if?^ l n ! a i nk md tinue - 11 is D0

anenro thp — s ^V.e...rrh ,h f c rvhisv r ep by VOllimC Of <lie tOtal U1S. rad- . ,

filled with radio-

1 a £C00m. _ _ ..

BNFL is D u*nP*n* Convention

Kfil. 1 “f. SS.'iSTnSE'in'i-iaiK; - 1 — «

which

waste is buried. It will be
needed by 1990. Mr Maurice
Ginniff, who manages Nirex.
thinks such a project could cost
as much as £40m at today's
prices— once he has found a
site.

Mr Ginniff has no illusions
about it being easy to find rad-

loo. suffered severely as of approval, lenders have good
devaluation put up the cost in reason to exercise patience.

A loophole in
life assurance

. Energy Authority, who will _

industry, accustomed to such sh ar e its costs, expected to ' "T™ 3 ! 1 "" ,s approved the conditions under waste repository sites. A nar

deadly industrial dross as amount to some £65m over the oujioing at aeuanviu. which Britain. Belgium, the tonal campaign by emirnn-

sodiuni cyanide, arsenic and ne xt 10 years. Its chairman. Ni rex’s area of operation Netherlands and Switzerland mentalists oppos'-ng geological

blue asbestos. Unlike nuclear Dr Lewis Roberts, director of covers two kinds of radwaste sea -durap their low-level rad- testing (boreholes) made that

wastes, these poisons do not t j, p uk AEA’s Harwell labor- that Britain is storing hut. for wa5| „ re -examlne the issue P Iain * If he is to cope with the

lessen in toxicity with time. atones, is ope of the world's the most part, not disposing of j n jgg4 estimated outpourings of rad-

First to announce formally a leading nuclear chemists. yet. These are medium-level By ^ ^ of cenftuy, waste he will need to apply for

new industrial group for rad- The only big UK reactor and low-level radwastes. At its N irex is expected to have sea planning permission for both

waste treatment, last month, 'operator outside Nirex is the lowest level this consists of dumped some 30,000 cubic repositories in the next year or

was NEI Waste Technologies. Ministry of Defence, with a trash— paper, cloth, .plastics, etc metres of low-level waste. This two. .

pooling the resources of the score of submarine reactors. But —barely above natural levels win i eaV e it wilh 70.000 cubic Should the spa dump he
electro-nuclear group Northern submarine fuel is not yet being of radioactivity. Such wastes

Engineering Industries. Cbem reprocessed in Britain, and the arise in about 100 different

Nuciear, a U.S. company versed white Paper claims that the ways throughout Britain,

in nuclear waste treatment and radwaste produced by defence Some low-level waste, a few

the operator of a big U.S. rad- activities is “ relatively small." hundred mnnes a year, is buried

waste burial site at Barnwell. The most publicised forms of in in times a? much concrete waste is accumulating in con* taminated wastes.'

South Carolina, and Pollution radwaste, the high ly-rad inactive, and dumped on the seabed on ere ie vaults and silos at nuclear -Where may sites be found in

Prevention Consultants of heat-generating effluent from the Atlantic, 2.5 miles deep, sites. Together they amount to Britain for such repositories?

Crawley, specialising in toxic the reprocessing of spent This year's sea dump, managed some 35,000 cubic metres today. Amersham International solves ■

and hazardous waste manage- nuclear fuel, • is produced at by the UK AEA, began last and the waste heap is expected its radwaste problem today by

ment. It plans to help owners only two places in Britain: at weekend when the well- to double over lhe next 20 shipping it ail lo Harwell,

of nuclear waste heaps, such as the Sellafleld fWindscale) fac- publicised Gem sailed again for years. One possibility is to develop

the Central Electricity Gene- tory of BNFL, and the Doun- a spot some 500 miles south- Nirex's job'is to bring this new facilities on existing

metres to dispose of on land.

The rest of the law-level waste
is now .being buried in shallow
concrete trenches at Drigg in
Cumbria. The medium-level

abandoned, however,. Britain
would need to excavate a sftll
more elaborate repository at a
depth of about 3nn metres, tn
bury the plutonium-con-

nucJeaf sites-— such as the day
deposits on ■ which . Harwell
stands. But -- this could leave
the nuclear industry vulnerable
to t be charge that it was Simply
letting its poisons pUeup.it! its
own backyard, ttr- Ginniff says.

Instead, he has started talking,
to industrial : waste operators
about the sites already Hctnsed
for toxic and harardonx wastes.
For example: 'NEI Waste- Tech-
nologies. through Us associates
Pollution . Prevention. "Consult-
ants, has tnfotruaUorTon som^
200 such sites for » which the
company has negotiated ' a
licence an aehaU of . their
owners.

Tire new.," tadwasfe -repps*- ;
mries, although owned - by
Nirex. may be built ' and oper* ,
ared bv the privaie sector. Mr 1
John Bennefi, director of NET j
Waste Technologies, talks of
offering a contract service to
Nirex in operating the- sites. '
based on the “ cradIe4o*«rave"
experience of its Cheiri. Nuclear
associates in the UA. and with .
a new repository designed' for i
Taiwan. i

Other opportunities opening j
for the private sector lie in the ,
retrieval, ' treatment and ;
preparation for buna! of the '
radwaste now in store around ■
Britain.

New techniques ace. being
developed in Britain fnr
•■packaging'*, radwaste Jnltds ■
and sludges in cement . or
plashes, to. facilitate . transport
and buriaj. .Al Dounreay, the *
UK AEA has demonstrated what
ran be done with- sophisticated •
methods ' of on-site. . storage. I
whereby a computer-controlled /
rnbor will retrieve an.v specified r
drum of waste from its vault..;

The national radwaste
estimates compiled by the
Department of the Environment

End of the pear-
shaped plant

do not include figures -for
reactors, which hare been dis-
mantled. The Cc.GB has begun
in plan for Lhe day when it will
Mari dismantling ils - first
nuclear station;. 7 1 has just
published an estimated wist
range of £lo0m-£27flm to rare
a Masno:c>iatinri to the ground,
depending no how quickly it is
asked to do if.

Xn radio-active debris from
Ma?nnv reartors is likeiv to.
reach the national inrentoiy-Trf
radwaste heforo 2000 But the
UK AEA has just begun a pro-
ject aimed: at dismantling sts.35 .
SIh protorype gas-rooled reactor
at Sellafleld, to help develop
lechniques tor the commercial
reactors.

The Plan is. over the next 10
years, tn.strip down thP familiar
pear-shaped power plant —
almost a symbol of nuclear
power in Bril a in— and concrete
ths rad mart 1 vc drhris from its
reactor into abmit 3fKl package*,
each an 5 ft rube. Nirpv will then
land the job of huryinz the
remains, either ar sea nr in ils
now repos! tnries.

• fJ'ie'n.-r PoKvr r gnd t*ra Env.ronmsrt.
Cmnd. 66 IS SO f2 65.
t Radiaar.iiva
Cmnd. SS77 SO £2 7C

UK IN\ 7 ESTORS once again
face the possibility of losing
money on life assurance con-
tracts because of financial
problems with the lift* com-
panies issuing the contracts.
But this lime, in contrast lo
the mid-1970s, lhe companies
involved are registered over-
seas, rather than in the UK.
As a result investors arc not
covered by the Policyholders
Pro lection Act.

The market In lhe UK for
life assurance mntracis is
almost wholly free nf direct
control by the authorities. Any-
one can sell life assurance
completely uosupi-msed pro-
vided that he does not use the
title insurance broker and is
not employed by a UK life
company.

The Department nf Trade
prefers to keep this freedom
for the seller, which life com-
panies argue allows them to
be flexible and innovative in
their contract design. The
DoT. meanwhile, protects tbe-
consumer by monitoring the
financial viability of life com-
panies. their advertisements
and their promotional litera-
ture.

Minimal

In pursuing the principle of
free trade in services not only
within the EEC hut worldwide,
the authorities also allow over-
seas-registered life companies
lo trade in the UK with the
same freedom as their home-
based counterparts. It is here
that the supervising arrange-
ments can be evaded.

The DoT cannot readily
monitor lhe viability of over-
seas life companies and u
appears that it does nut make
inquiries into their financial
health. As a result investors
do not enjoy the indirect protec- CnnfKet
tion which applies to UK com* ^ un J utl
parries.

The past months have seen a
few Intermediaries take advan-
tage of this loophole in lhe
system to market a series of

Protection Act, which guaran-
tees investors 00 per cent nf
benefits if the life company gets
into trouble, applies only to UK
life companies.

The Department is under-
stood in he looking at the
situation closely. There is
clearly a need for measures to
improve the protection for pur-
chasers of life assurance in the
UK.

Several possibilities are open
lo the Department. One
approach would be to rely on
the principle caveat emptor,
bur to make it clear what the
investor has to beware of.

The insurance division of the
Depart ment could follow the
example of its unit trust
colleagues with respect to un-
authorised unit trusts and
virtually ban direct marketing
Df overseas life company con-
tracts. Alternately, it could
insist on much more informa-
tion heing provided in any
promotional literature regard-
ing the overseas life company.
Promoters would have to spell
out in detail exactly what, pro-
tection. if any. was provided.

A more drastic option would
be 40 introduce a complete
system of licensing for all per-
sons selling life assurance in
the UK.

Professor Jim Gower, adviser
to lhe Department of Trade, is
reviewing the whole state of
investor protection in -the UK
His discussion document pub-
lished in January touches on
this defect in relation to over-
seas life companies. His pro-
posed .Securilies Act with self-
rrguhuorv bodies would provide
the necessary controls and pro-
tection ro the consumer without
interfering with the freedom of
services for life companies.

Men & Matters

Back room boys

Whitehall's quest for efficiency ^

Dixon,' who, like Davies is a
former press secretary to Denis

is continuing apace. A new
study has been authorised into
the organisation of the govern-
ment's sprawling economic ser-
vice. And the Treasury is cut-
ting back on staff; another
senior industrial policy post is
to disappear.

The link between the two

Dixon's present post as one
of two Treasury under secre-
taries working on industrial
policy is being abolished. Last
month it was the lop second
permanent secretary's job in
this area of the Treasury that
vanished' when Sir William

taken him to all corners of the
world.

The hoax was conceived in
1936 by Hassn van Etzdorf. now
a retired ambassador and then
a young attache in the Rome
embassy. The sudden “ arri-
val ” of Draecker was used as
an excuse to rush to the nearest
bar and sip a cool beer to
escape the tedium of long meet-
ings and unwelcome visitors.

Ryrie moved to head the Over-
moves is Peter^Daries, aged *55] *® as Development Administra- After World War E Draecker

former financial jour nalis t on UO n5[. ~ , , . , wa s formally de-Nazified, and

tbe News Chronicle and The The Treasury word on the job an ever-widening circle of diplo-

Times,^ who turned ThSasu^ cuts is that industnai poIic.y is mats began to flesh out the

official ten years ago. Next 5°t being downgraded just myth.

streamlined for more efficiency.

A Bonn spokesman. Klaus
Bnelling. says Draecker has
now gone on a " horizon-
widening " tour of East Ger-
many.

Another solution is to insist
that al! overseas life companies
must operate in the -UK through
UK-based subsidiaries, subject
to controls by UK authorities.

investment contracts from This is what happens in many

Gibraltar-hascd life Companies.
The life cover itself is minimal,
just enough to get a life assur-
ance label on whar sometimes
is a highly speculative invest-
ment product.

other European and overseas
countries where insurance can
0JiI> he -transacted through
local companies. But it would
conflict with the drive for free
trade in services to which the

The dangers in this situation Go\crnmerw Is committed,
are obvious. If the worst What is dear is that there is
happens there is nothing the a serious loophole in the siiper-
DoT will do to reimburse visorv arrangements and prompt
inivestors. The Policy Holders' action- is needed to dose it.

month he is leaving his post as
secretary to the National Eco-
nomic Development Office to
spend a year on sabbatical at
Downing College. Cambridge.

There he will be studying Hie
organisation and To4e df the
economic service which ’ first

mushroomed in the 1960s and _ __

now has some 400 economists jjf Edmund” F- Draecker had npw _, airiin _ „

scattered round vanous govern- puiied off yet another coup. He Sk deTelSe a taste for
ment d^aranents— meluding of had hoisted the West German SSr™ 1 other rirtines

course the Treasury itself where flag on an Antarctic iceberg of “Sever med *

it is headed by Terry Burns, the strategic importance daiming nave never mea.

anrormniml'r nhiaf onAnnmie .r

Bonn’s card

In the spring— on April 1 to
be exact — the Frankfurter
Ailgemeine Zeitung newspaper
reported that the ageing but

active Wert Cermy diplomatist British " Atlantic Airways.

Britain's newest airline, is

Easy riders

government's chief economic it for 'Bairn in accordance with First there was the Falklands
advfeer. interna tS law air sendee. That was proposed

While some people might ex- i thank Dorothee Jung of British Atlantic s managing
pect Davies to propose the abo- Reuters- in Bonn for bringing director. Mr Randolph i- lelds. in
lition of the economic service this news item up to date. a formal application to the Civil
because of its alleged failure to Months passed without reac- Aviation Authority in .June,
deliver the goods during 20 tion: then East- Berlin woke up. Th e serious shortcomings of
years of national economic The official' East German no runway at Port Stanley able
decline his actual target will be foreign affairs weekly Horizon 10 take airline's proposed
more realistic. That is to say has now used -the April 1 report DC-10 together- with the lack of
il will be less ambitious. as a basis to attack Bonn's money buy the DC-io. for

He will be looking into the Antarctic policy. Draecker is the moment at least, have not

ways different government quoted as revealing that West P ut off Fields anf i his staff
departments use — or do not use Germany is* out to gain of part-time planners.

— Lheir economists, and how sovereign rights by exploiting The airline’s second attempt

effectively or otherwise they deficiencies in lhe Antarctic & a unique service was

operate. “In some departments treaty. It goes on to tell of launched . yesterday with an
they are in back rooms while -“ the fear felt by imperialistic application to tho CAA. This
elsewhere they -perform a more monopolies of losing out on tbe time British Atlantic wants to
important role," he says. Some rich mineral fields buried deep start a twice-weekly service
critics .argue that Whitehall's under the ice." between.. Gatwick -Airport,

back rooms -are scarcely likely ' Diplomatic incident? . . . Not London and New York,
to attract the best brains tn the quite; West German official The novelty of the service Is
trade. , circles are foiling around their that it will be only for business

The' study is Davies’s own corridors of^ power with travellers. “It's a one price,
idea. But It is being welcomed laughter. " one class service/' the airline

by the Treasury which will ' The good Dr Draecker is one said yesterday. .The propped
watch with interest— even fasci* of the longest-running spoofs in fare is £250 single, 'a bout 10 per
nation— to see whether Davies diplomatic history. Now aged cent higher than economy fares
proposes staffing cuts. - 94 — bad he ever existed he on other airlines. The main

Meanwhile, Davies will be: is credited with many spectaeu- difference will be "better
followed at Neddy by Peter lar assignments which have service and six inches more leg

room for each passenger."

Some drinks will be free, but
"we do not plan to offer a free
drink every five minutes,"
Captain Alan Hellary. the
operations director, said.

Other airlines might protest.
But in Mr Fields they have a
doughty campaigner. He
claims to have organised, when
he was IS, tbe first strike in
London Zoo — it was among the
ice-cream salesmen, not the
animals.

Standing up

Here’s a question for those
who are hired to spot future
profit-makers. Between five and
10 years ago did you send a
memo to the boss saying that
people of all ages would be so
keen to stand up on beach surf
boards and propel them with
sails that a £120m a year
worldwide business would exist
by mid-1982?

Growth in the pastime has
been explosive. This year
300.000 sailboards will be sold
worldwide. And British sale$ of
some 15,000 will keep maty a
former sailing dinghy business
in profit.

However,' it is a Swedish
businessman who used to deal
in office equipment who is cow
claiming -to be leading the
British market with expected
sales of some 3,500 boards and a
£lm turnover this year.

Goran Nyman is a super-fit
49-year-old who always locks
ready to break into a trot. He
is the UK senior board sailing
champion, currently, and his
business depends upon distri-
buting a West German-made
board called the Sailboard.

After hitting his first £lm
turnover year he is- forecasting
£2m turnover next year.

That is if the whole pastime
does not suddenly go the wgy of
Hula Hoops and Skateboards.
Inclusion of board racing, in the
next Olympic Games is good
insurance against a collapse,
however.

Observer

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Financial Times Tuesday August 10 1982

U.S. PHARMACEUTICALS

13

R and D

By Richard Lambert in New York

THE WORLD is on the brink
of a new era of drug research
and development, according to
Merck and Co-, one of the
largest U.S. pharmaceutical
companies. In the words of Dr
Roy Vagelos, who runs Merck's
research effort: “ I believe
science has never offered oppor-
tunities that equal those now at
hand for developing 'drugs to
cure or prevent many of the
most serious and . widespread
diseases that afflict humanity,”

Even for a layman, there is
an atmosphere of barely
supressed bueffe and excitement
at Merck's New Jersey research
base. In the next few years, the
company will be bringing out a
string of new products that will,
according to' Mr John Horan,
the chairman, and chief execu-
tive, sustain a faster rate of
growth in sales and earnings in
the 19SQs than that seen. in the
last five to ten years. Merck's
net income last year was just
less than $400m, up from $151m
in 1972.

Behind this optimism lies a
substantially increased invest-
ment in research- and -a whole
new approach to the design and
development of drugs. Through
the 1970s, the company’s
research expense averaged
around 8.5 per cent of sales.
This year it is expected to rise
by around a fifth to $338m —
approaching 11 per cent of sales.
And the leading edge of all this
investment has been switched
from chemistry to the life
sciences.

The stakes are high — and so
are the potential rewards. A
successful product can generate
sales around the world of well

World Pharmaceutical
Sate;

Dthers[$5bnJ

Latin

America

C$4’3bR!

Mr John Horan (right) Merck's chairman: “ We want enough size and strength to lead the way ’

sequently decided to suspend
U.S. sales of the product.

Many of the breakthrough
advances on which modem
pharmaceutical science is based
came in- the period following
World War -H. '* It was a golden
era," says Mr Horan — and one
in which the innovations were
led by. chemists.

But ‘in the 'late 1960s the pro-
ductivity of research in the
drug industry in general and
Merck in particular began to
fall off alarmingly. The cost of
developing a new drug’ entity
in the U.S. jumped from an
estimated 31.3m in 1960 to
$24m in 1970 and around $50m

by 1980. And the average time

„ span for producing a new pro-

over $100m a year. Tagamet, a. rose fourfold over the

treatment for stomach ulcers, period, from two to eight years.

made by Smith Kline, was the
top revenue-earner last year
with sales in the major inter-
national markets topping $640m.
Merck’s biggest selling product
is Aldomet. a drug for treatment
of high blood pressure. Its sales
in major world markets are put
by analysts at $278m a year, of

A number of big drug com-
panies began to diversify into
other, more immediately re-
warding fields. Merck stuck with
its traditional businesses, but by
the time Mr Horan took over in
1976, some analysts were saying
that the company’s ageing dnig
portfolio and unproductive 're-

man from Washington Univer-
sity. That accelerated a major
shift in the disciplines govern-
ing .Merck's research pro-
grarnnle— and . one which ha's
been paralleled, in other big
drug companies^ .

According to Mr David
MacCaJlmn of stockbrokers
Paine Webber, the switch in
emphasis - towards the life
sciences represents a very
significant change in direction
for the world’s pharmaceutical
industry. He says that Merck
is by' far the strongest company
■in the U.S, sector, and is leading
the competition in this respect.

In the earlier years, accord-
ing to Mr Horan, “Research
was to a significant extent a kit
or miss 3ffair. You’d find a
model in which disease could be
simulated like that in man: a
large part of the process' was
actually made up of inducing
the disease. Then you would
screen literally hundreds of
thousands of chemical com-
pounds to see their effect. The
only real direction came from
the chemist's nose, and to a

are catalysed and controlled by
proteins called enzymes.
Scientists seek to discover
reactions in the body which, by
being abnormal, could " be
responsible for causing a par-
ticular disease. Having done
(hat, they look for a drug to
slow down or stop the activity
of the enzyme that is involved
in the reaction.

Along with an increased
understanding of t he life
sciences have come enormous
advances in instruments and

measuring systems, which have
put powerful new tools into tiie
hands of the researchers —
worlds apart from anything that
was available until recently. Mr
Horan cites particularly new
uses for computers, and com-
puter imaging for studying
biological sequences.

A computer aided design
system allows Merck's
researchers to study molecules
from different angles on a
terminal screen, and check their
likely reaction to new drugs.
In another part of the building,
analysts use computers to help
break chemical compounds down

which some $140m are. thought search effort were spelling big significant extent the process to their most infinitesimal pans.
to_be in the U.S. __ trouble for the future. • was based on Intuition.* This approach to research is

extremely expensive.

But the risks which also face
the industry have been under-
lined by the British authorities’
recent decision to suspend sales
of Opren (sold as Oraflex in the
U.S.). an anti-inflammatory
drug produced by Eli Lilly,
pending a review by the Com-
mittee on the Safety of
Medicines. The company sub-

Yet there was also developing
over this period in the universi-
ties and research institutes a
significant growth in The areas
of life science and biological
knowledge. One of Mr Horan's
first moves was to appoint- an
outsider as director of research
for Merck— Dr Vagelos. a dis-
tinguished biologist and pbyst-

But now research has become
a much more rational affair.
“Today- we can define disease
more accurately, having much
more knowledge about what
happens In the body,” says Mr
Horan.

Dr Vagelos explains .that bio-
chemistry has shown how all
reactions occurring In the body

Once

you have the right people and
the investment to support them,
you can guarantee higher
research productivity.” says Dr
Vagelos. But neither come

cheaply.

For instance, the company is
now bidding a major centre for
basic research just outside

Harlow New Town in the UK,
This will concentrate exclu-
sively on the n eurosciences—
the study of the brain and
nervous systems — an area where
UK researchers are among the
world's leaders. The facility
will cost more than £25m to
build, and will employ over 200
skilled people. Yet according to
Mr Horan, “we won’t. get any
products out of that research
for at least a decade, unless we
are extraordinarily lucky.”
Only the very largest com-
. panies have the resources to
.put such large sums at risk for
such a long development effort.
In the old days, says Mr Horan,
a small pharmaceutical business
could do some chemical screen-
ing and with a lot of luck it
might just hit the jackpot. But
today it could not hope to com-
pete effectively.

Just about the only area
where small companies might
make a mark is in DNA tech-
nology. where they tend to con-
centrate on. a very narrow field
and work on a high risk, venture
capital basis. But to maintain
a broadly-based research pro-
gramme is quite another matter.

Since pharmaceutical research
is becoming both more expen-
sive and more productive. Mr
Horan sees a clear logic in the
way that a number of very
large companies have recently
moved into the market. Procter
and Gamble is an obvious
example with its recent acquisi-
tion in the U.S. of the Morton-
Norwich pharmaceutical busi-
ness for $371m. Mr Horan also
cites the efforts of Du Pont and
Dow Chemical to make a bigger
splash in the drugs business,
and the emergence of powerful
European forces like Ciba
Geigy. Merck itself has been
investing at a hectic pace to
update its existing product
range and to broaden the base
of its drugs business from its
existing strengths in antihFper-
tensive , cadiovascular and anti-
inflammatory products.

The long term pay-off is
expected to be substantial. For
example. Mr Horan describes
the neurosdences as M a break-
ing field in pharmaceutical
research: we want to get in
with enough size and strength
to lead tiie way with new
products."

Research in this area has
shown that human cells are
linked with each other by means
of what are called transmitter
substances, which are . com-

pounds that are released by one
cell in order to communicate
with another. These transmit-
ters slot into specific receptors
on the cells which they are to
influence — and both transmit-
ters and receptors are seen as
targets for drug discovery. Dr
Vagelos says that all the neuro-
logical diseases— like depres
sinn. dementia, or loss of
memory— are caused by chemi
cal abberations of one kind or
another — and it is only a matter
of time before they can be
tackled.

Most existing drugs for such
ailments modify the symptoms
but do not cure the disease.
Merck believes that all this will
change in the foreseable future.

This new -era of drug dis-
covery comes at a time when
the U.S. authorities are takin,_
a more accommodating line
towards new products. Mr
Horan says that the U.S. reached
a point a few years ago when
it became obvious that the
bureaucratic process had be-
come so cumbersome that it was
no longer serving the public

WORLD’S TOP 10

ethical and over-the-counter sales

Company

Country

Hoechst

W. Germany

Ciba- Geigy

Switzerland

Merck

US.

American Home

U.S.

Smith Kline

V.S.

Roche

Switzerland

Pfizer

U.S.

Eli Lilly

OS.

Sandoz

US.

Johnson & Johnson U.S.

Source; Industry estimates

interest. But there has now
been a reaction against this, and
the Food and Drug Administra-
tion has significantly improved
the promptness of its testing.

Merck expects that the major
drugs of the next 20 years will
come mainly from the biomedi-
cal sciences — biochemistry; the
neurosciences: immunology';

microbiology: and molecular
biology, which includes genetic
engineering. So far only a hand-
ful of drugs developed under
these disciplines have actually
reached the market place. But
a growing pipeline of products
under development should start
to have an important impact in
the near future.

Lombard

A casualty
the Beirut war

By James Buchan in Bonn

Of Israel’s casualties in this
the longest of its wars, not the
least has been the regard in
which it is held by West
Germans.

Between a remorseful Ger-
many and an unforgiving
Israel, there could never be a
healthy relationship. In the
period after World War IT.
Germans saw the debt they felt
to Jewry as a debt to the young
Jewish slate. Israel was
untouchable and its special
status was as much a part of
the post-war German world
view as the renunciation of war
itself.

much less willing to take
Israel at its own estimation.
Words like “ annihilation ” or
“genocide" have been used,
to tiie horror of Israeli officials.

At government level, little is
changed, as the Israelis rightly
point out.

Concept

Israel's achievements in
development struck a respon-
sive chord in a reconstructed
Germany. Yet the image that
preceded and survived the
1967 Arab-Israeli war. of a tiny
state. terrier-like in its
defence, gradually gave way in
the minds of many Germans to
the “ strong man armed ” that
was the Old Testament's
judgment on doomed Assyria.

Burden

German reparations and
German support continued, but
since Mr Menabera Begin came
to power in the late 1970s. the
relationship has been unplea-
sant to witness. Any hint of
German backsliding has been
met with Israeli verbal black-
mail or savage personal abuse
of Chancellor Helmut Schmidt.

What has happened since
June 4 has been little short of
a declaration of a new German
independence attitude.

At one, perhaps subcon-
scious. level, many Germans
feel that Israel's war. and the
television pictures of Beirut
burning night after night, are
releasing them from a part of
their burden of guilt.

Last week’s edition of Die
Zeit compared Beirut not to
Dresden or Cologne, destroyed
by the RAF, but Coventry,
bombed by the Luftwaffe.
Throughout the West German
press, with the notable excep-
tion of Herr Axel Springer's
newspapers, there has been a
new lone of agonised debate.
The German press has been

During the Falklands crisis.
Bonn repeatedly stressed a con-
cept known as rerhaeltnt.cnuzes-

siflfreii in the hope of restraining
British military action in a war
Germany loathed and found
hard to understand. The concept
means “ use of force commen-
surate with the threat." On the
Queen's birthday, I asked a
friend at the Chancellery if the
concept applied to Israel's
actions. "I am afraid not.” he
said. “We have to operate a
double standard.”

On June 13. Herr Hans
Dietrich Genscher, the foreign
minister, called for the restora-
tion of Lebanese sovereignty,
which is what the Israelis say
they are trying to achieve. As
for the Palestinians, the most
recent offeial comment was that
they should have some “future
perspective ’’ which might mean
as little as that they should not
all he killed.

“There is clearly a problem
of rcrhael t n iamaess iqkeit here,”
another official said to me. “ But
it is not for the German Govern-
ment to speak on it.”

Sadness

In their despair, Israeli
officials have had to rely on Herr
Springer, for whom the compen-
sation of Israel is a central
tenet. Die Welt, the most solid
of his newspapers, recently led
its edition with an interview
with a former Israeli
ambassador to Bonn who noted
with sadness an upsurge of
“anti-Semitism and anti-jewish
feeling " in Germany since the
beginning of the war.

The charge is losing its sting.
“ This is not anti-semitism,” Die
Zeit retorted. “Even Germans
are nor required to rejoice in
the insane empire-building of
Israeli extremists."

Letters to the Editor

Property values and jobs in enterprise zones

An unattractive
monster

From Mr A. Hollway.

Sir. — It is ■ foolhardy for the
Government to double the
number of enterprise zones be-
fore it knows if they work.

There hasn’t yet been time for
its agent, Roger Tym and
Partners, which is monitoring
the earlier EZs to report their
success.

It would be a gross waste of
the country's ' resources to in-
crease expenditure on EZs while
there is controversy and mount-
ing evidence of their ill effects
on the surrounding communi-
ties.

.Who is going to invest in

tfiese-areas surrounding the EZs

when within a few miles one Is - infrastructure of
able to obtain the EZ benefits, admin, buildings,
including property free of rates,
for the next 10 years? .

Already there is evidence of
“boundary hopping.” In Swan-
sea EZ 47 J per cent of new
firms are re-locations, fn-Traf-
ford '55 per. cent In the latter,
the re-location distance averag-
ing less than five miles,.

This will lead to commercial
property in flhe surrounding
areas ■ becoming blighted and
suffer increasing dereliction. It
is likely these areas will become
the industrial slums of the-
fumre, as firms in these areas
also suffer unfair compel!-',
lion from firms in the EZ.

. If the EZ legislation produced
more jobs, one might be able
to justify the unpleasant side- '
effects. Tiut’in the .present flat
market with little increase in
activity ;it is . doubtful if many
new. jobs are created, which
wouldn’t, have been created any-
way, or which aren’t subsequent-

Also the cost per job “gained"
is more expensive than at first
sight Clydebank EZ has pro-
duced 1,500 jobs costing £1.7m
tins year in rate support alone
— that is. £1,133 per job— but
when you take into account that
this has to be paid each year
for tiie next 10 years, it becomes
£18,058 per job - i compounded
at 10 per cent inflation}. If we
are charitable and assume that
half these new jobs are genuine
new jobs, it is ' costing the
country £36,116 per job in rate
support alone.

- When you add to the above,
all the costs of providing the
EZs tike
roads and
main services (note Corby EZ
has spent £4.9m on infrastruc-
ture this year): plus the cost
of transferring people and.
firms from one location to an-
other, the cost per job gained
by the EZ package becomes
astronomically expensive.

. If one is sceptical and. con-
siders that very few genuine
new jobs are. created by EZs
then the cost per job is beyond
calculation!

Alan Hollway, " ,

W.~F. Hoiiway and Bro.,

42 Grafton Street,

Liverpool. 8,

Merseyside. *

interest

article

From Mr M. Brookfield
Sir,-— I read with
Anthony Moreton’s
“Response to enterprise zones -
experiment, pleases Govern-
ment” (July 28). .

As managing director of a
company based in Trafford

perty rents and unfair competi-
tion caused by . the local zone.

The more successful enter-
prise. zones are, the' more
damaging are the consequences
for businesses on the periphery.
The Trafford EZ was designated
on. August 12 3981.- and results
of the first year's activities
reveal a complete distortion of
property values, rents and the
ability of distributive firms on
the outside to compete with
these Government subsidised
businesses inside.

The local zone developers'
rentals are free of any rate
additions, because of this pro-
perty owners on the outside, are
forced to reduce their rentals
by 45 per cent to compete on
-equal terms. This has resulted
in a collapse of properly values
and therefore assets by 30 to
50 per cent. Some rentals are
now little more than a £1 a
square foot for locally deve-
loped- brand new qualiry con-
structed units outside the zones.

Of the S00 proposed jobs in
the zone and the 45 new and
relocated firms the majority are
involved in distributive busi-
nesses. Occupation inside can
mean for a distributive business
some 23 per cent to 30 per cent
less overheads, and capital cost
savings up to 38 per cent, for
those building their own depot

To move into a zone there is
no need to guarantee any new
jobs, be 'involved in an infant
industry or serve any useful

From Mr J. English

Sir. — If the baby has warts,
don’t treat the warts — kill the
baby. Current cost accounting
has its blemishes, but is infanti-
cide the only answer? Before
the Institute of Chartered
Accountants gets around to Its
next quinquennial attack upon
the baby, should we not perhaps
be concentrating more upon
viewing the alternatives, rather
than just gazing at the warts?

There are two alternatives,
but only one is “ available.’
Current purchasing power is far
superior to CCA. but is no
longer “ available.” CPP was
devised by the accountants, but
the Government of the day. ter-
rified at the prospect of CPP
blowing the gaff and exposing
historical accounting for the
fraud which if is, smothered it
by setting-up SandiJamls. which
put off the day of enlightenment
hopefully for ever but at least
until after the next Election.
Sandilands, supported by “ busi-
nessmen ” and academics rather
than just by practical account-
ants, in due course sired his
monster, which was duly in-
stalled in the sleeping baby’s
nursery.

The accountancy profession
was then “ invited ” by the
Government to make the
monster same clothes, but with
strict instructions that they
were not to try to strangle the
monster and to re-awaken the
baby — they were to strangle CPP
and to clothe the CCA monster.
They did so.

It Is not an attractive mon-

Means Big

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purpose in the local economy. v b it is st iV better than
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ly fopt in existing firms through; .Park, I am daily reminded by .
having to face unfair competi- business men located outside
Mod and/or redundancy due lo the Trafford zone of reduced
financing the EZ benefits. property values, depressed pro-

hop and collect all the rate and
tax benefits, and exemption
from industrial training levies.
M. Brookfield.

17. Coppice Avenue ,

Sale, Cheshire.

Whisky industry
not gloomy

his-
torical accounting. CPP was
murdered on Go\ernruent _ In-
structions. but historical
accounting lingers on, suckled
by an ancient breast in the
heights of Burgess Hill. His-
torical accounting is the only
available alternative, diabolical
as il may be in what we must
pray, to be its dealli-throes.

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From the Chairman,

Information Committee.

. Scot cfe Whisky Association
Str,~Your Diarist's “man
who" monitors the facts and
figures, pertaining to. British
drinking” -(August 3) accuses

month’s figures. It is time too his second trade union reform
that he put his facts in perspec- Bill through the present. Parlia-
tivei He states that January re- men ^ couldn't tireless Mr , . -

leases of Scotch whisky were 40 Tebbit spare a thought for the ^**^5
per cent down compared with pressing need to promote union
January 1981. * mergers?

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however, that withdrawals for
January 1981 were exceptionally
heavy— 54 per cent up on the
previous January — or that Janu-
ary 1982. figures were 53 per

the. liquor trade of talking itself . pent higher than ’those for
into . a’ mood of despondency. January 1979. Could we remind

Thi^is certainly not true of the
Scotch whisky Industry although
fr might be thought that your
Diarist wid his' man. do the job.
for..tB when theyinsist on draw-
ing: sweeping conclusions from
one month’s Customs and Excise
returns. "

D -really. ;is . time your man
learned -that ; one cannot draw

him that 1979 was our best year
In the home market in living

memory.

Donald, MacMnlay .

17 Half Moon Street,,

W.l.

Promote union
mergers

realistic an d worthwhile conclu- .From Mr W, Grey

siohs - oh the basis of one Sir.— While preparing to pilot

• The recent rail dispute has
demonstrated the weakness of
our still far. too fragmented
union structure afresh. Com-
peting countries, -moreover,
seem none the worse off for
having unions organised on an
industry-wide . basis. '
Alternatively, .if this parti-
cular case does not lend Itself
to legislative treatment, then
let the Government, TUC and
CBI join forces to devise other
more suitable means of knock-
ing recalcitrant heads together.
W. Grey.

12, Arden Food. Finchley, A‘3.

capital gains tax are clumsy,
unfair, and generally dreadful.
But they at least give some
relief, and with half-a-Ioaf being
better than no bread. I prefer
them to the old system. I don’t
love them, but I prefer them.
Gpposing them just because
they are “ not perfect ” smacks
more of petulance than of In-
telligence. CCA is not perfect
but it is better than historical
accounting.

1 don’t like the monster, but
I prefer it, warts and all* to
going back to the dark ages.
Jeffery English-

Willis Parsons English and Co.,
Sun Alliance House.

Dean Park Crescent,
Bournemouth-

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to new
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The .

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big Jat
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suggeste
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prospect
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has been
tic to sa
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■uranium
Jpriced at
■pound i
prices ar
fthis in .
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years to
Jabilut
[tracts at
the part
arrange a
of Goven

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in tbe si
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Sign idea
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retries i
neritabl
.Ro.ssjfc

14

Financial Times Tuesday August 10 1982

and Markets

UK COMPANY NEWS

Carrington Viyella reduces losses

FOR THE first half of 1882, pre-
tax tosses of Carrington Viyella.
textile manufacturer, were
redured from 13.02m to £2.63m,
an lower sales of £119.4801, com-
pared with £129. 93m

The result was .struck after
interest charges of £3.91m
(£4.19m) and share of associates'
losses of £712.000 f £399.000
profit). Hie Canadian asso-
ciate. Consoftex. has suffered
substantial losses in 2952 reflect-
ing intense trading difficulties
in Canada. At the trading
level, group profits rose from

£767.000 to £l.B9ra.

All the group's UK divisions
made a positive advance over
1BS1 and in total, improved their
operating result by £t.9m in an
unhelpful environment. After
allowing for the sales of Gelve-
nor (South Africa) and the
knitting division, which were

included in 1981 results, total
UK sales were maintained at the
same level as last year.

The .sterling profit contribu-
tion from the 50 per cent owned
South African subsidiary was
adversely affected by exchange
rate movements.

The current environment con-
tinues to make the short term
outlook uncertain, although the
company is main tain ing progress
by improving both the cast base
and productivity through its
rationalisation programme.

An extraordinary debit of
£623,000 (£963.00 credit! for the
half year was the result of
further rationalisation taken in
the period. Over the last six
months, there has been a further
reduction in the number of UK
employees from 15,200 at the
end of December 19S1 to 13.600
with £3.17m. Stated loss per 25p

nuns

The Les colunin today concentrates cm corporate failure,
AEG Telefunkro has now filed for partial bankruptcy under a
plan which will require the banks to write off 60 per cent of
their On a rather smaller scale the British engineering
company Newman Industries is being rescued by an emergency
equity injection. Something with which the hard pressed
Carrington Viyella, whose first half figures are also discussed,
could well do. Filially the column looks briefly at yesterday’s
events in the financial markets.

at the end of June 1982.

At June 30. the group still
carried a substantial provision
for ongoing rationalisation. .

Tax charge decreased from
flllm to £913,000. After
minorities and extraordinary
items, the attributable deficit
came out at £4. 71m, compared

share was marginally lower at
2.39p, against 2.41p-
There is again no interim
dividend.- The last payments,
totalling 1-lp net, were in
respect of 1979.

In current cost terms, first
half pre-tax losses were ^6.02m
(£7.29m).

See Lex

Barclays pays
£4m for
Irish bank

By Our Banking Correspondent
Barclays Bank International
(BBI) has bought the Comroer-
da] Banking Company, a private
Irish bank, for a sum believed to
be in the region of £4m-
BBI has been in Ireland for
four yean* and the acquisition
of the Irish hank, which has six
branches, and assets of around
IR£40m. will strengthen its' posi-
tion significantly in the Republic,
wbere it. is underepresented by
comparison with some of the
other UK clearing banks.

Hie Comercial Banking Com-
pany was founded in 1893 and
has concentrated on servicing
small depositors and small
businessmen. PMPA. the Irish
insurance company, which is the
biggest shareholder in the bank,
is believed to have been tinder
some pressure to either reduce
or dispose of its stake.

BBT said yesterday that it had
received shareholders’ approval
to acquire full ownership of the
bank and tbe Central Bank of
Ireland had also given its
apnrnvaJ to tbe transaction.

Mr Robert Maw. BBT's general
manager in Ireland, said that the
Comercial Banking Company will
continue to operate through its
six branches as a separate bank,
but as a full member nf the
Barclays Bank Group. “We plan
to expand its activities through-
out the Republic, particularly
into the medium-term business
market with emnhasis on import/
export trade.” said Mr Maw.

Manchester Ship in £1.9m loss
after £2.4m severance payments

WITH OPERATING income for
the first half of 1982 marginally
higher at £11 9m. aeainst £1 1.76m,
the Manchester Ship Canal Com-
pany returned a profit, before
exceptional items and tax. of
£0.65m. compared with a loss of
£1.37m.

However, after charging excep-
tional expenditure of £2J>lm
(£ 1 32m), there was a pre-tax
deficit of £US6m. compared with
£2. 69m last time. Voluntary
severance payments, towards the
cost of which no special help is
received from the Government,
amounted to £2.4m f£l.69m).

Since the beginning of the year
some 400 employees have either
left the company’s service or are
in the process of leaving. While
the board does not anticipate any
further heavy severance pay-
ments for the time being, it says
the company continues to carry
unaided the harden of costs
associated with tbe land drainage
of a considerable part of the
north west of England.

Provided the current level of
trade holds up. the board says
the company should consolidate
the beginnings of its recovery
during the second six months.
Meanwhile, there is again no
interim dividend. Pre-tax loss for
1981 totalled £2. 42m — no final
was paid.

Operating loss for the six
months dropped from £2.1m to
£413,000. This was before credit-
ing net rents received of £607,000
(£590,000), loan and investment
income of £512,000 (£426,000)
and profit of £192.000 (£3.000) on
sales of land. Interest however,
took £338,000 (£296,000).

There was again no tax. With
£30,000 (£27,000) set aside for
redemption of loan capital, an
amount of £1.89m (£2. 72m) was
transferred from general reserve.

Stated loss per £1 share decreased
from 71. 7p to 49.5p.

• comment

Manchester Ship's smaller
operating loss for the six months

CONDER

INTERNATIONAL

Conder International has
asked us to point out that no
question of safety has ever been
raised in relation to its highly
successful and innovative Kings-
worthy multi-storey buildings
which received the Queen's
Award for Technology in 1981.
There are more than 1.000 such
buildings in daily use and the
comment regarding them in
Saturday’s report of the. group’s
interim resuits is totally
unfounded.

BLUNDELL

- The recent rights issue by
Bhradell-Pennoglaze has been
accepted in respect of SS per cent
of the 1.415m shares offered. The
balance of the shares have been
sold in the market at a premium.

is almost entirely > due to a
smaller wage bill. With another
400 workers to go. about £3m
more should flow into profits
before exceptional items. But
Manchester’s core business
remains grim and the company
is working hard to ' transform
itself into more of a property
group. Backing up these efforts
are ids property assets which ae
now on tbe books at about £ 21 m
or nearly 10 times the company's
market capitalisation these days.
In order to dose that gap, it is
considering the development of
a prime inn er-Manch ester site
and the further development of
an enterprise zone in its area.
The prospects of a return to
profits next year put lOp on the
shares, but at 72p, they
adequately reflect the market's
hesitance about the new direction
Manchester is sailing - in.

Relyon dips
but chief
sees some
advance

PRE-TAX profits at Relyon
Group were down from £l.Q2m
to £774,000 in tbe half-year to
June 30, 1982. Sales of this manu-
facturer of mattresses and divans
dropped from £7.0fim to>£fi28m.
The interim dividend is effec-
tively maintained at 1.67p— last
year's adjusted total was 4J375p
net.

Mr H. Brockenshaw. the chair-
man says that although given the
substantial faH in demand
experienced by tile industi?
earlier this year, be is certainly
not disappointed by the com-
pany’s performance under these
arcuiinstasces.

Looking to the remainder of
the year, he is confident that it
vriU achieve a marked improve-
ment in the second half.

The first-half trading s urplus
was lower at £1.01m against
£1.21m. and the pre-tax figure
was struck after depreciation of
£226.000 against £17S.000. and
loan stock interest -of £10,000
(same).

Tax was down from £530.000 to
£402.000, leaving £372.000 against
£490.000 Earnings per 25p share
were lower at 3.7Sp (4.98p>.
Dividends absorb £164.000
(same).

On a CCA basis, pre-tax profits
were £623,000 (£899.000).

TDG passes £8m

A RISE from £7.l6m to £&0Lmin ffl.9Sm to no.29m Interest conw through from tl»e negate
pre-tax profits « reported by charges of £2-67m (£l-2m) and uons.

Transport Development Group redundancy costs of £283,000
for the half-year to June 30, 1982, compared with. £238,000.

Turnover of this holding com- Tax took S-S2m against £3.im,
pany engaged in road .transport, • leaving £4 .2m (£4.06m). Attn but-
warehousing, distribution, cold able profit to ordinary share-
storage. ■ export packing, holders amounted to £3.9im
industrial removals, plant hare, (£g^ 9 m)" and stated earnings per
exhibitions and manufacture of 25p share were 2.94-p (2.93p) or
steel reinforcement, rose from 2.82p (2.77p) fully taxed. ' Net

£13l57m to £164.2Sm.

The interim dividend unr
changed at 1.45p net— last year s
total was 4.25p from pre-tax
profits of £16.02m, .

The directors say that in the
UK. wad haulage — usually an
early indicator of economic
change— -has shown an wnbrove-
menl despite a set-hack diving

asset value

from 90. 6p W lnmrovmB

Extraordinary items are ex- improving

comment .

If it ts: true -that the /transport
industry :is ■ a- barometer of
industrial activity, then the CSX
might be surprised to learn that
the road, haulage division nf
Transport Development Group
has achieved a 37 per cent rise

«r. Improving It is still a day-today
affair, and the knock-on effects
of the British Rail strikes "fern
not been very significant Inter-
vention from Bnmsals to reduce
food mountains led . to falling,
cold storage rates, bat TDG
dating that the storage market
genera l l y has started to harden
Last year's U.S. acquisitions Just
about broke even net of financing

Murray Inv. Trusts expansion

FOR ‘THE six months to June 30 The directors point out that
1952 net revenue at Murray • the investment policy has been

Western Investment Trust
moved ahead from £987,220 to
£l.llm. The net interim dividend
as already announced has been
held at 0.6p.

Net asset value per ordinary
and “B ” ordinary share is given
as failing from 117.7p at the end
of 1951 to 110.3p at June 30.
Half-year stated earnings per
share were estimated at 2.7p
compared with 2-55p at the end
of 1981.

The first six months of the
financial year 'have been very
active, say the directors, as
indicated in the last annual
report greater emphasis was
placed on the US. where the
outlook is thought to better than
for the UK.

In the implementation of this
policy. £23.6m has been trans-
ferred from the UK portfolio, and
£3 5m from the Japanese port-
folio. Most of this money.

based on tbe premise that infla-
tion in the U.S. will be lower
than is presently expected, and
that the high real rates of
interest available in U.S. bonds
will fall, with consequent signifi-
cant increases in bond prices.

Most of the bonds that have
been bought axe long dated UJ5.
government securities.

When there is dear evidence,
say the directors, that US.
interest rates have- fallen on *
long-term basis, so that prospects
for industrial companies are
improved, part of there funds
will be reinvested in equities so
that the percentage of share-
holders’ funds in equities rises
to about 100 per cent from the
current figure of 88 per cent of
equity shareholders’ interest

In the last full year a total
divided of-2fip was paid from net
profits of £2. 02 m.

Taxable profits ,of £1.93m

together with additional borrow- against £1.66ro for die first half
ings has been invested in U.S. of the current year were struck
bonds, they say. after dividends and interest of

£2. 93m compared with £2 .27m
and increased expenses of
£992.840 (£616,667). Tax for the
period took £826.015 (£663,277).

A rise in net earnings was
shown by Murray Caledonian
Investment Trust from £3 29m to
£2.31m for the 12 months to June
30 1982. A final dividend of 2.7p.
against 15p previously, increased
the net total from 25p to 4J2p. .

The directors intend to recom-
mend total dividends for the next
financial year of not less than
55p, including an interim of 2p
(lip).

Net asset value per ordinary
and B ordinary share was given
as slipping from 106.4p to 94 Bp.

Earnings per ordinary 25p
share were stated as moving
ahead from 2-33p to 4.l9p and
from 227p to 4.0Bp assuming full
conversion of B ordinary shares.

Net asset value per ordinary
and B ordinary is shown as 94 Bp
(106.4p).

Total revenue for the year rose
from £2 95m to £4 .77m. Tax took
more at £L48m (£821,058).

Current year
outlook for
NMC Invts.

Mr N. H. Marshall, the chair-
man of NMC Investments, says
he is optimistic about the com-
pany's future, provided profita-
bility of British industry
recovers so that adequate
returns are available on risk
capital.

He adds, in bis review for the
year to March 31 1982. that
although he does not expect the
Government to adopt an avert
policy of direct stimulation to
the UK economy, he does expect
interest rates and inflation to
move lower over the next year
and opportunities available to
small, well managed and soundly
financed companies to increase.

He points out that the group’s
packaging companies have
achieved real growth during the
current recession and that he
expects tbe new money raised by
ithe recent rights issue to make a
" substantial ’* contrabutrion to
profits.

The group , a fibre board con-
tainer manufacturer and invest-
ment concern, announced that it
was seeking to raise £0.5m by a.
one-for-one rights issue at 12*p
earlier this month. East Band
Consolidated, which owns 46.46
per cent of the group- indicated
that it would probably take up
its full entitlement
As reported on August 4 NMC
recovered from pre-tax losses of
£10.020 to profits of £23.815 for
the year to end-Marcb 1982.

Its consolidated balance-sheet
shows shareholders' funds at
£769.233 (£828,668). Net current
assets increased by £50,532
(£141,922). Meeting will be held
at 25-35 City Road, EC, on
September 2, at noon.

eluded from the interim figures.

They principally relate to a defi-
cit on translation of overseas cur-
rencies amounting to £479,000
(£L.25m surplus).

An analy sis of pre-tax profits

tte“harah weather at' the start of by division shows (in £000s):
tte year- road haulage, £5.671 (£4449):

Although storage continued to storage, £3,113 (£3.419); plant _

decline a number of stares now 1 hire and other transport services, charges, but should show net
report increased activity. The re- £goo (£382); reinforcement and profits m the second half. TDG
intforcement companies could not . exhibitions, £1,300 (£451). has. quite a bit of acquiring still

avoid- problems of the eteei Thp directors point out that to do. if it is to realise its aim
industry,' but maintained market - acqu j s {tj (ras jj, the second half of a 50-50 UK-overseas assets

share and made a profit The ^ ^ year ^ the U.S. and split- Gearing, though 12. points

exhibition companies, after a low Canada make comparison with np> ^ still under 30 per cent h

last year, also made a small pr g V i cm figures difficult shareholders can keep ' their

profit say the *>ectore. Over- „ acquisitions contributed hands in their pockets for the
seas companies provided strong turn|jver ^£!7.7m and a profit time being.- Assuming that there
su ^ ort ' before interest of £800.000. Be- is no increase In the final payout

mmm

truck after depreciation up from America, real benefit has yet to

giving a p/e of about llJt

Note of optimism at Initial

IN HIS review accompanying
tbe report and accounts of
Initial chairman, Mr Nicholas
Wills, strikes an optimistic note
for the current year.

■He states that the search for
improvements in efficiency will
go on, so that despite difficult
trading conditions .the estab-
lished businesses should con-
tinue to make satisfactory con-
tributions to group profit.

At tbe same time expansion
into new territories and services
can also be expected to continue
with some of the new businesses
starting to make early contribu-
tions.

As already known, pre-tax
profits for the year ended March
31 1982 rose from £19.71m to
£22. 92m. Turnover was £166. lm
(£145.3m). ■

Commenting on the UK
market. Mr Wills states that in

the services divisions trading
conditions necessitated a major
realignment . of production
resources to meet falling market
demand and considerable effort
was directed during this year
toward tins end.

All divisions responded
quickly to tbe changed circum-
stances with the result that costs
were successfully contained.

The long-established tinea
supply dmsioa again produced
catisfactory profits by concen-
trating processing in the most
efficient plants.

Improved profit levels are
currently being earned by Initial
Service Cleaners, and a material
advance .is anticipated in tbe
coming year.

The overseas share of profit
increased from 11.9 per cent to
14.5 per cent even without any
contribution from the U.S. or

Spain. Holland continued to
dominate the overseas sector
however record levels of turn-
over and profit were achieved in
Belgium. The figures from
France incorporated the results
of the associate company SA
Becroix-STFA for the first time.

The acquisition of Consolidated
Laundries in January * 1982
provides a substantial foothold
in the textile rental market
within the North Eastern states
of the U.S.

Operating boundaries have
recently been further encoded
in Spain through a 40 per cent
interest in a newly-created
subsidiary.

The British Traction Company
holds 41 per cent of the group's
ordinary shares.

Meeting, Chartered Accoun-
tants' Hall, EC, September 3, at
12.15 pm.

Property Security over £2m

TAXABLE PROFITS of Property
Security. Investment Trust
advanced from £1.35m to £2.04m
for the 12 months to March 31
1982 and the dividend for the
year is being stepped up from
an equivalent of 1.44p. after
allowing for the one-for-four
scrip, to l.Sp net per 50p share
by a final of 1.3p. as forecast.

Turnover for the year rose
from £7.36m to £S.43m and was
made up as to rents receivable
£5.37m (£4.81m) and sales by
dealing subsidiaries £3. 06m
(£2. 56m).

The pre-tax figures included
higher net property and invest-
ment income of £6.21m. against
£4_57m. interest charges up from
£3.84m to £4. 14m, administration
expenses of £236,000 (£197,000).

dealing profit £195.000 s (£l-.lm i
and finance costs of £2,000
(£120,000).

Tax paid was tnuefa the same
at £423,000 (£401.000) after

which the net balance emerged
£762.000) ' higher at £l.film.
Extraordinary credits added

£186.000, against £531.000 pre-
viously.

Stated earnings per share os a
iiet basis, pre-extra ordinary
items, came through at 3A3p
(2.09p). Comparisons have been
adjusted to allow for the rights
and scrip issues.

DIVIDENDS ANNOUNCED

Horizon Travel frrt.

Current

DHte

Coire-

Total

Total

nf

^ponding

for

last

payment

payment

div.

year

year

.. .tot. 0.8

OcL 6

0.55*

___

3*

i 2.78

Oct. 13

15

4.2

£5

■ urt 2

Feb. 7

1.5

42

Inv. , l^r

OcL 1

1.04*

1.8

1.44*

.....jnt 1.67

Oct 4

1.87*

4.38“

... Jnt 1.45

Nov 8

1.45

—

4 25

INITIAL

INITIAL CARE
IS EVERYWHERE

‘The search for
improvements
in efficiency
continues’

reports Nicholas Wills, Chairman

* Despite difficult trading conditions
the established businesses should
continue to make satisfactory con-
tributions.

The acquisition of Consolidated
Laundries in January 1982 marked the
Group’s 'first direct investment fn the
USA. Operating boundaries have
recently been further extended by an
investment in Spain.

Expansion into new territories and
services can also be expected to
continue. 5

Copies of the Report and Accounts
maybe obtained on application to The
Secretary, Initial pic, 300 Goswell Road.
London EC1V7LU.

Comparative Results

YearstoSI March

1982

1981

£000

£000

Turnover

166,140

145,331

Profit beforetax

22,919

19,706

Taxation

7,318

7,472

Dividends

5,736

4,796

Retained profit

9,233

6^41

2&6p

22.4p

Find us in Yellow Pages
countrywide

Prsperty Security Inv.

Relyon Group v int

TDG int

Dividends shown pence per share net except wbere otherwise stated.

* Equivalent after allowing for scrip issue. + On capital
increased by rights and/or acquisition issues. X USM Stock-
§ Total of not less than 5J>p forecast for 1982/83.

Midland House
Mortgage Rate

Midland Bank

announces that with effect from
Wednesday 1st September1982
its House Mortgage Rate will
be reduced

by 114% to 12!4%per annum.

- APR13.1%.

Midland Bank

Midland Bank pic
27 Poultry, London EC2P 2BX

M. J. H. Nightingale & Co. United

27/28 Lovae Lane London EC3R 6EB

Telephone 01-621 1212

1981-82

High Low ‘ Company

12B 120 As. flrit Ind. Orrf. —

136 100 Asa. Brit. Ind. CUL5...

75 03 Airs pm ng Group

51 23 ArmitaflB & fthodas.

228 187 Bsrdon Hill ;

112 100 CCL 11 pc Conv,

285 240 CindJeo Group ... .

104 SO Deborah Services

135 B7 Frank Horsall

83 39 fredeneJc Parker

78 46 George Blair

102 32 ind. Precision Castings

113 IDO Isis Conv. Pro!

1T3 94 Jackson Group "

131 103 James Borreugh

• 334 206 Robert Jenkins

82 51 Sermtona '“A”

222 150 Tgrday 9 Carlisle

44 2i Unilock HoitHigg

10B 73 Waller Alexander

283 Z12 W. S. Yems

Prices now evulsbls

p/e

12S —

138 —

TO —

44 . —

228 —

112 —

266 —

69 —

135 • —

71 —

S3 —

38 —

113 —

110 —

131 —

206 —

82 —

150 —

31 —

84 . —

247*d - 3

Gross Yield

Fully

div (p) %

AetV*! lewd

84

5.1

11.5

14 2

TOO

7.4

—

6.1

8.7

80

13.7

43

93

3.7

83

11.4

5.0

38

in

1S.7

t4 0

mm

28.4

iao

10.7

12Q

6.0

£7

3-G

70

7J

5.9

5.7

61

6.4

9.0

38

B-9

—

sw

TV

7.3

74

7.1

10.7

15.7

13.9

— *•

7.5

8.8

38

7.0

9?

7.3

*9.6

107

20.0

9J

2.3

32.7

S.7

7.0

10 6

1ZS

11.4

7.6

.8.7

11.6

046

23

6.4

7.6

5L5

96

14.5 54

l« 48146.

6-S

i ZJ»

5 atif
"ay

ouse

Rate

^ ^

timi^“

Financial 'Hines Tuesday August 10 ' 1982

Mailiivfor

aft, UK COMPANY NEWS MINING NEWS

Horizon Travel f 1.44m
ahead after six months

Australian mines step
gingerly to cut costs

Tdtqoobp
(including VAT)

Profit, before Tax
Taxation
Profit, after Tax

Half-year Half-year
1382 1981

£ *

3^248 3*587,660

ymm

101,087

*84,619

165,706

LARGELY BECAUSE of record The group's overall market The Falkland*; crisis, the World
cgr ryings in the past Winter share has increased and it is" Cup, and. The' Pope's visit were
first half taxable profits of now the third 'largest operator among the factors affecting the

BY KENNETH MAR ST ON, MINING EDITOR

(Note) , S5478 -* 114,738

Profit after

Extraoitiinaryltem J3M3& 35A* 150,968

Dividends 90/wa — X01^62

Earnings per Share
(based cm Profit

after Das} ft28p 023p L0Q>

"Gnsfifi Ipebit

Note: The Extraor di nary OrnSt raprosenta ^profit aristas on tkg
disposal of property (1961 -last).

The Directors are pleased to be afafe to report an improv ement in
profits earned is this mtarim period. TVading oamStions
BTatic,toeii«niiageiiamcanbeminodfrmd>fl iii^ov ( Ml re8nlt8
and the Directors are hopeful tfaatinrt&sr advances will be made in
the second half of the yeac

Accordingly, they have decided to rocommenn tiw tbdaratioB of
jotenm dividends with the payment of 0.25 pence per Ordinary Share
(1981— ND). For 1981,afrMmvideE^Gj%-waspaKi at ihe rate of 0.65
pence per Share,

The interim cfiyidend now declared wiD be paid on 8th October; 1983 to
those shareholders on Aw x ypcfay at A nma nf h roii/mf tpn 3 *d
September; 1982.

Horizon Travel advanced sharply
from £850.793 to £2.09in— the
group « the second biggest
Winter operator:

The directors warn, however,
that the 1 first half results ■ are

in the UK.

Although It is comparatively
early in the Woking season,
bookings for winter I9S2/S3 are
approximately 2,000 less than at

- ,*» M^£T€jz % SSAS JM

outturn and that the net interim

dividend. ’UP from adjured

bookings is higher than last

nw?Bm08DDer25plhare dws - vearfl Bookings for winter
^Jip^rii^inlcate a’ mS sports are a third up. Gatwirir
MrebteSeLKe fioi] pay- ^okiogs have increased con-
^^uoif^ap «taW famines sMerably. and bookings from the
SS tt -*£e f /oS r to^ 0 . 7 ™ D8 B ".w d,n.riu* poinlSf Brinol
• are satisfactory, with 20 per cent

it _. capacity sold. Industry figures

For 1980/81 this aw holiday suggest that the group is achiev-

and travel agent Pud jpg mare winter bookings from
fiends totalling 3p, after allowing gp; sto j ^aO any other operator,
for a one-for-one scrip issue, from _

ore-tax profits of £13.33m. . TW Profit contribution in the

¥ half-year from Orton Airways

It is pointed out that holidays was SU b$nantiallv increased. Air-
sold for the current Summer are crort utilisation iri the
again at record levels and that Dp. .-ember/ May period averaged
the groupts expected to carry 0Ver nine - hnurs per dav .
some 330.000, an increase of about ,

10 per cent cm last year: • The . occupancy level at . the

holidays market, the statement
added.

It continued, however, that
business over recent weeks had
picked up sharply again, and was
said to be running between 25
per cent and 30 per cent ahead
of the same .period last year on
a weekly basis.

The lost ground will not be
made up and the group’s full
year forecast is' for profit* only
“slightly” in excess of those fur
196041.

• comment

Horizon’s first half benefited by
auiim flm in extra interest
received. Even so profiL from
operations doubled with winter,
carryings up 20 per cent In a
market that shows a decline of
uver 4 peT cent the group is-
advancing mainly by winning
market share but is also picking

However, recent strong hook- Hotel Indaio reached 100 per

The. occupancy . level at . the - U 'P business that would hav.e

iOgs have not offset relatively
poor trading conditions in May
and June and as a result, -the
‘overall Summer load factor- will
be below 90 per cent -with a
corresponding effect on profit-
ability. "

■ At present, next Winter’s book-
ings are marginally below those
of the same time last year
although in the last few weeks
new reservation have been
•* markedly up " and the directors

cent in Mav and attain in June.
The 'El Moresrn reopened in
March and although occupancy
levels have been lower they are
now improving. The Lord
Nelson. Minorca, reopened in
May — the occupancy level in
June was 100 per cent.

Construction is progression at
the Puehlo Indaio. Majorca, with

the three-storey elevations

surrounding The ventral square
having been erected and “tunned
out.” The first six-unit aDarl-

- 1 , ,i«r *_ chnrtlv nv»r. ««». msi 3i.\-uu:i aujn-

SSlhe comparable position of **“ C ° m ‘

t- ^'&S2d fiSlfe ^ommod D at?on SSJ

dSn of Glasgow. Newcastle ants shoos and the main square

&^j h sisrtrs s

SSw*. the director^say on rh * ‘^ anish

^T^ey add that current trends summer The second nhase will

wSSl V profits for the year

EUROPEAN OPTIONS EXCHANGE

Aug.

Vol. Last

Nov.

Vol. •• Last

GOLD C

$32 5

2 '

ib

—

GOLD C

S3 SO

— |

18

GOLD C

1575

— I

•

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8329,

— ’

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8350.

16 [

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13*« NL 02

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Fob.

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— | - .; *336.50

C F.llO- 101

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ABN P
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AKZO C
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1 J» j ..

F^Z.30

26

1 0.40

.3-

0,70

so

1 ■ ..

- F.ss,

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! 1.70

10

1.70

— ! „

F.80

68

3.90A

-M ]

5 -

so

8.50 r.ao.eo

F.80-

31

0.60

. —

a

2.60 • .,

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. 0.20

■ 4 i

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—

— „

F.80

277.

4

10 :

4.

— 1 M

F. 0 O

316

IS

B 1

12

—

— . „

F.lSOi -

1

' 4.50

— . 1

—

— :F.150J0

F.160

4

; 1 JKI.

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a .50

—

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- i

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F.iao

11

: 4 -

- 1

- 1

- ]

J M

to November 30 should sliglty ™a' n , fe V"7 fc in . ;he

“ Jin i-rf year’s level. group’s summer 1FS4 brochure.

v-i* ti,mAu«r raverine A statement follnwins the

exceed last year’s level.

First .half turnover, covering
the rix months to May 31,

gone to Laker. Major factors in
raising market share is the tuuve
lu wards national coverage of
departure points rather than its
trad iti un3i centres at Birming-
ham. East Midlands ami Man-
chester airports though these
still account for 75 per cent of
business. The unexpected down-
turn' in trsde in May and June
this year could lop some £3m off
the full-time profit figures though
the upturn of more than 25 per
cem in lh* present level of hook-
ings might partially offset this.
There will also be another size-
able contribution from interest
on its large cash holdings. These
presently stand around £32m
m eluding proceeds of last year's
rights issue and advance pay-
ments on bookings. Some of
tins wail -be required to fund the
development of the self catering
complex at lndola which, when
complete in 1955-86, will have
absorbed around £5m and should

ALTHOUGH Australia's mining
industry is suffering like others
in the world frum the weakness
of metal markets, ir has so far
been able to avoid the severe
mine closures and lay-offs ot
employees that have become
commonplace in Canada and the
U.S.

Bur 'with companies going
deeper into the red. Australian
mining is urgently having u> find
ways of tackling the problem of

risoq costs.-

It is still, however, setting its
/ace a gala sc full-scale close-

downs of mines with the conse-
quent. redundancies iu he work-
force which would bring severe,
political and labour union
problems.

Western Mining has thus taken
the decision .-to freeze salaries
of executive and staff members
until at-ieast next June when the
puistioo wilt be reviewed.

As far as the production
•workers' are concerned the com-

pany has achieved a .small, but
perhaps significant, step in get-
ting them to agree to s raora-
turiiiTU on the Haim fur & shorter
working week.

Sir Arvi Partin,, the Western
Mining chairman, said: “Our
problems arise partly because of
very depressed markets for our
product* and partly from wwis
yr Australia which .continue
escalating without .regard to the
world around us”

Meanwhile, the tin-producing
Aberfuyle has become another
operation ia Tasmania . to

announce Temporary closures of
operations. its Cleveland and
Ardleflian l/n mines are 10 shut
for six weeks in December-
January in order, it is staled, to
help slow rlu? rate of financial
loss 40 d fo avoid widespread
staff lay-offs.

An Aberfuyle spokesman said
tiui there were no plans to
reduce uuipul at the company's
high grade Que River silver- lead-

zinc mine in which Paringa has
a 10 per cent stake.

As already reported, the Con-
solidated Cold Fields gronp's
Renison mine in Tasmania has
also been hit by low tin prices
and the export > al.es. . quotas
imposed by the International
Tin Agreement.

In order 10 avoid laying-off
employees it intends 10 carry on
at the existing production rate
anil ro stockpile the surplus mil-
put. rt ai%o plans in rinse for a
month ui the end ot the year and
to heavily euf down on capital
spending. Two temporary
.closures, each of one month, are
planned for the groups loss-
making Mount Lyel copper mine,
making Mount Lyel I copper
mine.

Whether such moves will be
suffittgnt to tide the various
companies over uutii the hoped-
for recovery- in metal market*
comes about, however, remain*
to he seen.

Botrest losses grow heavier

THE PLIGHT of Botswana RSTs
(But rest) Selebi-Phifcwe copper-
nickel mine in Botswana.

Exchange rate benefits on S3les
should he more marked in the
second half of the year since the

worsened further in the first half pula was devalued by 10 per cent
of this year. Operating profit*, m May. ’

dropped to 3.6m pula f£1.9iu>
from ,9,-lin pula iu January -June
1981 an'd the accumulated deficit
climbed to 216.7m pula from
143.8U1 pula at the end of Decem-
ber. reports Bernard Simon
from Johannesburg.

The mine, whose main share-
holders are .Anglo American <’or-

. On the other hand, the
devaluation has increased the
cost of . Bat rest's foreign loan
repayments, pushing up foreign
exchange losses to 36.6m pula in
tile past half-year from S.2xn pula
a year ago.

The directors say they are con-
fident that the debt restruclurim;
will enable the mine to continue

was of 30 cents paid in February.

Hudbaj ‘s second quarter
results include a Im* of C$6.5m
from the 50 per ceni-owited
Inspiration Consolidated Copper:
Hie o rher 50 per cem is hold by
Minerals and Resources Corpor-
ation (Miaorco).

A statement following the be contributing over flm to
results said that low book in as annual profits. The forecast of
between mid-May and mid-July only slight growth for the year
TS^SdwSSSSwSrS bad probably cost around fStn fn left shares down 7p to isip
flJ&teLK* «« profits of ; of profits for the current putting tbe prospective p/e

sgL'aasa»i.“. :r -

Dividends will absorb £33S,081, — .

against £242,880 previously. DAADR R

'rtie directors, say that as BOARD It

stated in the 1980/81 annual The following Companies have notified
report bookings for WiDter dates ol bo«rd meetings to ihc Swcy
1981/82 were an all-time hijTh at ^Change. Such meetings me usually
.aSxST 1C „-r mnt UD on the h * ,d ,or Uic D >« r POse ol considering
107,000 — 15 per cent up 0 t dividends Official indications ars no:
previous winter. available as to whether the dividends

Against 30 overall market are interims or (mils and the sub-
reported to be some 4 to 5 per divisions shown below are based
cert down, present bookings for W4 » r » l > r on laal /ear -, timetable,
summer 1982 amount to 314.000. , ntorim _ A dams and Gibbon. Com-
against 277,000 at the equivalent mercial Union Assurance, Fleming
date last year— just over 10 per Mercantile Investment Trust. Kennedy
cent UP on a seasonally adjusted Brootes. Ocean Transport end Trading,
•basis. ■ Bookings, for Gatwick jjjf t • ,n- NBphow ‘ TrincBnlro1, Y K ,-
departures show 60 per cent - Finai»--AaroniuucaI and Goneral

growth. • " 11 ••

The unlikely combination of results.

BOARD MEETINGS

The following companies have notified
dams ol bovrd meetings to ihc Stoct
Exchange. Such maetings aie usually
held for ihc ourpose ol considering
dividends Official indications are no:
available as 10 whether the dividends
are interims or finals and the sub-

CONTRACTS

around 11 on tilUe changed

Instruments. Cooper Industries. Crouch
Group. Dura Mill. Group Investors,
M L. Holdmqs

FUTURE DATES
Interims—-

Anglo- International invest Tsr... Aug 12
Guardian Royal Exchange Assce Sept T

Low and Bonsr Sept 13

Sun Alliance and London Ins Sept 1

VogefstmisbuJi Meraf Aug-. 11

Finale-

Gold Fields of South Africa ... Aug 17

Go*d Fielde Property Aug 11

Kennedy Smale Aug 16

NewmarL (Louts) . ... - Aug 19.

Kew tf'/itwiuorarand -Geld . .. Aug 11

Victor Products (V/allsend) . Aug 18

poration and A max, is clearly win enouietne .mne tocummue
being .kept in production for ^Iterating fur many years, pro-
political reasons only. It is the “» J?™ 0 * 1 ?*. t, wl ®.f

largest private sector employer " orl d melal prices is achieved,
in Botswana and a key source-

fludbay interim

and creditors agreed to an exleo- rvf

live restructuring of the coni- IU.VS Ol l^-i]pJJoill
pony's debt earlier this year, . ,

including emergency funding Anglo American Corpora-

from the Botswana Government, jjon groups ..CanodTan arm.

„ . _ _ , . Hudson Bay Mining and

Earnings have suffered from Snie-lllng: reports a second
the continuing decline in prices quarter ]oss of C S14m (£6.6m>
.for the mine s products copper. whu . h makes a IuS s of CS38.1m
nickel and cobalt. According to f or first half of this year.

tho n i rui'1 nrc " thd i nfMncp cfint. mi ... - .-,.a «

the directors, “ the intense com- Tbere was a profil of cs9>9n] in
petition fpr sales _ in this vhe ^ mc perirKj of 1981 .
depressed market has caused jj ol surprisingly, Hudbav has
producers of each of these dedded not l0 declap? llltf
metals to sell at less than list -quarterly, dividend which is

prices.”

The fall in pnees has been

normally paid in September. The
company also omitted The

partly offset by the decline of dividend normally paid in June,
the pula against the U.S. dollar. Its last quarterly distribution

Benguet profit
down by 71%
in first half

A FALL of 71 per cent in firsi
half earning* hac been sustained
by Benguet, the major producer
of . capper and gold in the
Philippines, reporls Leu Gunzaga
from Manila. Net income dropped
to pesos 31.1m i£2.12ml from
pesos I07.5ra in Uie same period
of last year.

Benguet produces gold with
silver by-product at its own
property in llogon t Benguet
Province, Northern Luzon),
copper with gold and stiver
by-products al the property of
Dizon Mines m San Marcel ino
iZambales Province. West Central
Luzon) which it operates under
contract, and chromite in lhe
property of Consolidaieii Mines
in Masinloc which Benguet also
operates under contract

£6m orders for Tarmac

TABMAC REGIONAL . CON- tn be. erected on a 1.3 hectare
STRUCTION has a batch of site.

BS, nearly^Mm,' 1 'and ’ inclu'de buckle . P.VBTNERS „ ,h.
a £l.Sm scheme to build three mechanical and riewncai con-

factories and offices on the ior 3 P r °J e « to

ni»fFfvrH Park Industrial. Estate the pharmacy and pathology

w-h, j«js S53i" tt'JSS.JiS

improvements and mode rnisa- iQ - B the phjnua , :y ^ci inn.
non awards cover 17a homes at B +

Heathfield, Birmingham refITBBISHMENT work for

(fl.Sm) and 120 homes at noyjs is worth around -£375.000.

pharmacy

tn be erected on a 1.3 hectare Gloucester. When completed,
site. ' these roadworks will form a linK

+ between ihe three main routes of

BUCKLE & PARTNERS are ihe Worcester Street, Northgate and
mechanical and electrical con- Barren Street. The contract is
sultan ts for a project to upgrade due re be completed in 72 weeks. .

pathology For the British Rail Property

departments of the Queen Alex- Board. McAipine are to carry out

. _ ■ « rrtaHwnpbo fannn.i onA rt rn n -i no

andra Hospital at Harlow. A
major element of the work here
is the provision of air condition-
ing in the phanuacy section.

Cardale, Nottingham. .
Other work includes

Projects are a £280.000 job at
Navigation House, London EC3

furbishing an existing building for P 4- 0 3nd £95.000 vnrth at

and constructing two new
.wings at Leeds for English

rehearsal studios for ihe English
National Opera at Lilian Bay I is

Industrial Estates (£934.000 ». House, Hamp.-tead.

and a new supermarket at
Clevedon, Avon, at a cost of

A DEVELOPMENT claimed to be

TOTAL VOLUME IN' CONTRACTS 2,S49

A=A»ked N B=Bld Ca:Call

£559.000 for Kwil^vr Disrouo. gjflwjj ^VSTElMf l ]?‘i
7k .-- won a uiul Li-million pounds

AN ENGINE bouse and boiler contract for British
house for the Midlands Electri- Marconi is to pro\ ide -50 Supir-
.i... eroun and 250 Hvuerarwji’ vodeos

StR ROBERT Mc.^LPINE &
SONS under a £2.1m contract.

Some 10,000 cubic metres of
excavation .will be involved in
the provision of foundations and

These Marconi codecs are so im-
portant because they are the firs:
to provide an interface which
enables existing pre-digital nel-

ririlen^nwring works for the works tube ^or^italwork.
structural steel framed buildings W

... — ■ network. Thus digital technology

■ .can be introduced, relative!;

cheaply, into analogue ein-uiK to

roadworks, fencing and drainage
on the Bath gyratory road at a
cost of £361.500. Work is
scheduled for completion in 21
weeks.

* I

ZimiER AG (FRANKFURT/
MAIN) has received a contract
worth DM 9m (£2.1ini from
Chiba National TechmcaJ Import
Corporation lo build a high-
speed spinning plant at Nantong
fur the Nanione Textile Industry’
Corpora liou. The plant will pro-
duce 4.701) tens of partially
oriented yarn per ‘year using
uucrj.siallised polyester chips as
feedsiuck. Zinuner will supply
ihe pruc-ess. the entire engineer-
ing and equipment and will be
responsible for the supervision
of erection and cijiiuhismoimd!',
which has been soheduled. for
1 f*S4 . Zimmer AO is a subsidiary
•if- Davy McKee, i lie engineering
uiid cuiKti-uciiun orga Dilution of
Davy O.t purtlion.

*

ORDERS FOP. a new-tecluuilogy
computer.- generated visual.
.\is(em for (tight ' simulators
employing microprocessors have I
nuv reached flOm^ savs the I

Carrington Viyella Rlc

IIMTERIIVI STATEMEMT

. The Board of Directors of Carrington Viyella Pic today announced the unaudited
results of ihe Group for the first half of 1 982.

SIX MONTHS ENDED 3D JUNE 1982

1981

First Full

Half Year

£' 000 £'000

129,924 259,895

767 3,867

399 • 381

(4.186 ) (8,603 )

(3,020) (4,355)

(1,108 )

(4,128)

963

(3,165)

(256 )

(3,421)

(Z027)

{6,382)

(612)

(12,450 )

(19.444)

(513 )

(19.957)

Sales to external customers
Trading profit

Share of associated companies*
profits (losses)

Interest charges

Loss before taxation and extraordinary
items
Taxation

Loss after taxation
Minority interests
Extraordinary hems

Loss attributable to Carrington Viyella Pic
Preference dividend
Loss attributable to ordinary
shareholders

(2.41 p) (4.1 4p) Loss per ordinary share

1982

First

Half

£'000

119,480

1,993

(712)

(3,912 )

(2,631)

013 )

(3.544)

(540)

(623 )

(4,707)

(256 )

(4,963)

~ (2.39p)

improve vw«(-t*/fvcuvenvsv. per- 7-ioJ.- iilifes . division . of

An Excellent Year - Continued Expansion
127% Increase in prof its

The F«rchurch tnsurartce brttfriro qtoup Ii3S fracf another excellent year.

1 FroStsbeforetax 30th April 1982 £2.Wm

1981 £1.1 8 m

■ ■ ■ ' ' F

# \fefy significant new interrHtional businessfrpm clients
wcsldwide, mckicfeig many major U.S. brokers

# Fenchurch handles buaness of 42 companies ki the Forbes
500 lists -

• ftnehurdi represenfied diroetty in Europe,

! ■ ■ * Singapore as well as throughout the UIC. with associates
elsewhere >

• ArecordV^^thebrrisrwrftingaoenc^

, Fenchurchacts fbr werOPOdftcctWamesat Lloyas

. • "cttfrent year’s prospects excellertf

W-S0S3333

foroiaot-e autl reliability, says
the company.

+

BRENGREEN < HOLDINGS) suli-
adlar\- EXl'Ll'SlVE t'LEANS-
ING "SERVICES has he.*n
awarded the ••teariinu corur.ii'l
for Chi hern Di-rnt-r Council. It
is worth f 6D0.li£i0 per an u uni. nr

SINGER COMPANY (UK),

LONDON AND NORTHERN
GROUP has beec awarded t-on-
trjcis worib £1.4m in the Mid-
hind- and North West. Border
Eu-tineeria? Conivacturs. Wltiie-

!'-a\ e-L-bjbtd civil CDgjiieertDg

£3m over the uunirj.-f pmiud of ccunpacy has been awarded con-

five years. Th;.- ••irntraa starts
' on November 2. Evrlusive CJ*-: , n-
ing Group lias al -'0 secured the
conrract fur the sjenerj! -cieauing
and window >b-aniny ar »Jh*
Palace of We.-iiinio-bM-. Y:ilue oF
I the ron tract, v.-hiih star is on
October 22, ii C23P.flt». This Is
the first lime Thar the v.-lmle of
the Palace of \\’*si minster has
been ' cleansed by a private enn-
tractor.

+

PRUDENTIAL PEXSTOXS. one
of Britain's large t peniiun funds.

li'jt-is worth £700,000 in North
West England nnd Southern
Stoiland These include the
mains extension to Lauuionbie/
,)?i I llr>u '•t-bridtfe worth £1S?,0QQ
for Dtiiitiries and Galloway
rteeion.il Council, two contracts
for Cumbria Count)' Council for
repairs al WoriiogtoB Haj’bour
an;! jlteraimns at In swell Si-hool,
Whitehaven, valued at £232.000. j
In. the .Midlands, E. Flvielier j
Eutiders {Midlands) -has been
awarded c.inliacis worth £448,000. 1
In cuHStruct a public house at.

■has. Placed tlie bui!<hn S eo«iu west bury Park, Clayton, New-
fof a 53.000 sq fi office develop. l]t . , 'Staffs. | for Allied
H*" 1 . s I.?L d i < ‘ rd , ^. r -o^^ do ?. Breivenw and to make altera-

wiTh Walter Lawrence &
SONS which is to cost about £3nt
to build.

★

SIR ALFRED ScALPINE &

Breweries ana to make altera-
tions I ti l\vy public )hj uses -for
JJ-ySs Wurthiogten. In a contract
worrb £317.000, Fletchers will
al?«« cow cruel 22 a.ned persons

[ J

- * '

SON < SOUTHERN » have been taw at Ma«Je*fieId for .Tempter
awarded two i-omravts together H<jUsn - Sofiet).
worth over £1.2m. Largest is

for const ruction ol the Gloucester CONSTPGCTION tonimenced
inner relief road (stage 2). for recently on a now £3.9m leisure
Gloucestershire ‘County Council, pool for the Royal Borouph of
at a cost of just over £870,000. It Kingston Upon- Thames accord-
com prises demolition of exisliOR inR to E. C Harris and Partners,
buildings, construction of road- who are supplying. full quantity i
works of varying width, and surveying services for the pro-
associated works in revise the jeet Contractor for the 38-month
traffic patterns in Station Road/ contract is Laing Management
Market Parade in the centre of Contracting.

NOTE: The taxation charge comprises £0.1 million ACT written off relatingto
preference dividends and £0.8 million in respect of overseas operations.

COMMENT ON RESULTS

In 1982 the Group's first half trading profit improved by £1 .2 million over the
same period last year from £0.8 million to £2 million. All the UK Divisions made a
positive advance over 1 981 and irt total improved their operating resultby
£1 .9 million in an unhelpful environment. After allowing for sales of Geivenor
- (South Africa) and Knitting Division, which were fncf uded in 1981 results, total
UKsales were maintained stthe same level as 1 981.

The sterling contribution from our 50SS owned South African subsidiary was
adversely affected by exchange rate movements. Our Canadian associate,
Consoltex, has suffered substantial losses in 1 982 which reflectthe intense ■
trading difficulties being experienced in Canada both by ourselves and by other
textile companies serving that rharket As a result the Group pre-tax loss was
reduced by only £0.4 million from the previous comparable period.

The extraordinary item of £0.6 million isthe result of further rationalisation
decisions taken in the first half of 1 982. Over the last six months there has been a
further reduction in the number of UK employees from 1 5200 atthe end of
December 1 981 to 1 3600 atthe end of June 1 982. At 30 June the Groupstil!
carried a substantial provision for ongoing rationalisation. ,

The Board recognisesthe significant contribution made by our employees in
these persistently difficult times.

DIVIDEND

In view of the Group's results in the first half of 1982 the Board has decided that
' it is unable to recommend the payment of an ordinary dividend.

OUTLOOK

The current environment in which customers in our primary UK market
including many successful retailers, are experiencing volatility in their trading,
continues to make the shortterm outlook uncertain though we are maintaining
progress by improving both cost base and productivity through our
rationalisation programme.

3 August 1382

BILL FIELDH0USE,
Chairman.

Nottir

?ho»n

Rank

Reardi

Reed '

da

Tumci

Wagor

I SA\
day, d
tralian
side w
about i
2 nJd r
Wester
tralia
Dth

nnlificj
it up.”

Sure
Labor
to new
invest a
to pews
icg of ;

The «
by the l
Gnverm
hj g Jat
in the
Panconi
and Gel
They'-
week,
claimed
tial rep*
the No -
partmen
surrreste
.labiJuka
prospect
potentia
has been
tic to so
It was
Austral i i
uranium
priced at
pound i
prices ar
this in .
like rem:
years in
Jabilul*
tracts at
the parr
arrange s
of Coven
mining p
□of meat
was unat
in the si
Mr Tor
"anewitic
irisingly.
omments
Je maint
abiluta’s
Grinling -

1 a posit
?curity
jatcgic i
While
ibiliika
tie to a
ng-tcrm
ight be
w dolla-
sure si
an scrat
'ere in
irket.
atjmffica
itinenta
ich of
Europ
mines i
nevitabl
■ JWMlt

H) HIGH VELD

^ J STEEL AND' VANADIUM CORPORATION LIMITED

(Incorporated in the Republic of South Africa)

INTERIM REPORT FOR THE TWELVE MONTHS TO
. . JUNE 30 1982 AND DIVIDEND NOTICE.

Consoles sad Markets

BIDS AND DEALS

PRODUCTION: Metric took

12 months to . Year ended

Hot metal

Continuously east blocks

Blooms

Slabs

Billets

Mill prod net s
Billets
Sections
Plate

Ferro-alloys— Total

Carbonaceous products— Total

GROUP FINANCIAL RESULTS fROOO)
Turnover

Profit before tax

Less: Normal tax ..
Deferred tax

Profit after tax

Less: Minority interests

Attributable profit

30.6.82

768243

30.6.S1

781544

448 600
368129

24 814 .

488 635
309503
39 628

841543 ■

837 764

13165

371094

305462

17651

406163
264 861

689661 -

678675

149825

131048

167935

213 826

376 703

332 967

75204

21809 •

73 226

6 829

16 020-

53 395

1873.

50 377 -
1673

51522

48704

Taxed earnings per share (cents)' ' 75.7 71.6

Dividends (cents) — first interim 11 10

— second interim ..— 1 .7. * 16 —

—final : : - — 22

The unaudited consolidated profits, of the corporation and its subsidiaries for the
twelve months to Jane 3Q19S2, before providing for tax and minority interests, but after
providing for interest charges of R11D01 000 and depredation of R24178000 amounted
to R75 204 000 compared with the R73236 00Q earned in the year ended June 30 1981.

After providing R21S0S000 Tor deferred tax which continues.to.be calculated on the
deferred method, and deducting . minority interests of Rl 873 000, the attributable profit
increased from the R48 704 000 earned for the same period last year by 6. per cent to
R515220Q0. The rate of taxation was again low due to the non-recoupable investment
allowances on high levels of capita! expenditure.

As reported in the. interim report for the six months to -December 31 1981, Highveld
became a subsidiary of Anglo American Industrial Corporation Limited (AMIC) and as a
result, the group's financial year end was changed from June 30 to- December 31 and the
current financial period will rover the eighteen months to' December 31 1982.

Tn view of this change of year end the board has declared a second interim dividend",
of 16 cents per share payable in October 1982 at a cost of RIO 891 400: The results for the
eighteen month period ending December 31 1982 will be announced in February 1983 and '
at the same time a final dividend for that period wiH be declared for payment during
April 1983. Thereafter the results for the first half of each financial year will be
announced during August and if is intended that an interim dividend should be declared
at that time for payment during the following October. The results of each financial year
will be published during -February-of-each -year-and -a fliud-diaddond- declared at that. time,
for payment during April.

The crisis in the world steel industry continues with- the industrialised countries
being most adversely affected. At the end- of June 1982 the U.S. steel industry was
. running at less than 50 per cent of rapacity and production was some 35 per cent lower
than the same period last year. This was not only due to a drop in US sfeel consumption'
but is also related to steel imports which have increased as the US dollar has
strengthened. As a result, US steel companies have brought countervailing duty and anti-
dumping cases against steel imports from nine countries including .South Africa.
Investigations into these cases are well underway and. the oiltcome Should be known
before the end of August 1982.

Some economists see the US recession as having “ bottomed ” and are forecasting a
better second half year. The indications are that there will' be an improvement in steei
consumption worldwide in the second half of the year, albeit slight.

South African steel consumption in 1981 was at the same record level of 6.9 million
tons as I9S0. but as 1982 has progressed the demand has decreased and it is forecast that
consumption will be at least 5 per cent down on 1981.

Free world vanadium consumption remained at a reasonable level during the period,
hut prices and sales of vanadium raw materials continued to be adversely affected by the *
oversupply situation. In the past 12 months the Australian and Norwegian producers have
' ceased production, the Fmnisir producer is considering closure and most -other producers
are operating below capacity. Highveld continued to operate only one of eight roasting
units at the Vantra division. - •• — - -

Transalloys and Rand Carbide continue to operate below capacity as a result of the
recession in the world steel and ferro-alloy industries.

Group turnover for the period at R376 703 000 was 13 per. cent above the turnover for ,
the same period last year and export sales were at a record level of R173 652 000.

The erection of the reversing hot strip mill continues on schedule and it is planned
to commission the mill before the end of the current financial period. The erection of the
first furnace and three pre-reduction kilns in the second iron plant is also oa schedule
and the units will commission in February 1983.

Current overseas and local market conditions continue to make forecasting difficult
hut it is expected that the rate of earnings for the six months from July to December 1982
will he similar to that achieved for the financial period to date and as a result the
final dividend for the eighteen month period will he at least equal to the final dividend
declared for the financial year ended June 30 1981.

SHARE CAPITAL .

The issued share capital increased from R68O12 770 at June 39 1981 to R6807r27D;
as a result of the issue or 58 500 shares in terms of the share incentive scheme.

CAPITAL EXPENDITURE

The total commitment in respect of capita] expenditure was Rl 19 €43000 compared
with R161 SOS 000 at December 31 1981 and R118 852 000 at June 30 1981. " ' * ' -

DIVIDEND

The first interim dividend of 11 cents in respect of the financial period to December
31 1981 was declared on February S 1982 and paid to shareholders on April 2 1982.

DECLARATION OF DIVIDEND NO. 16 (SECOND INTERIM) •

NOTICE IS HEREBY GIVEN that dividend No. 16 of 16 cents a share, bring the
second interim dividend in respect of the financial period July 1 1981 to December 31
19S2, has been declared payable to shareholders registered in the books of the corporation
at the dose of business on September 10 1982.

The dividend is payable in the currency of the Republic of South Africa. Dividend
warrants will be posted from the office of the transfer secretaries on or about October 14
i9sz

Any changes of address or dividend instruction to' apply to this dividend must be
received by the corporation's transfer secretaries not later than September IQ 1982. . .
Shareholders must, where necessary, have obtained the approval of.the South .African or .
any other exchange control -authoriries-bavmg- Jurisdiction in respect-of sucb instructions. —

The share transfer register and register of members will be closed. from September 11
to September 24 19S2. both days included.

Tn terms nr Lite Republic of South Africa Income Tax Act 1962. as amended, iron-
resident shareholders' tax will be deducted by the corporation- from -dividends' payable to-
those shareholders whose addresses in' the share register'are outside the Republic. The'
effective rale of non-resident shareholders’ tax is 15 per cent

The abridged unaudited consolidated income statement. of the corporation and to
subsidiaries for the 12 months lo June 30 2982 is contained in the accompanying interim
report of the corporation for that period.

For and on behalf of the Board

Witbank W. G. Boustred (Chairman) rarwTn _

August 10 1SS2 L. Boyd (Managing Director) ors

Transfer Secretaries:- . Registered Office:

Consolidated Share Registrars Limited Portion 29 of the farm - Scfaoongericbt'

62 MarsbaM Street. Johannesburg 2001 No. 308 J.S. District Witbank

(P.0. Box 61051, Marshallrown 2107) * (P.0. Box III,' Witbank 1035) .

King&Shaxson

PLC

62 Cornhill, ECS 3RD’
Gilt-Edged Portfolio Management
Service Index 9.8.82

Portfolio I Income'
Portfolio II Cental

OBer 77.92
- Bid - 77.62

OBer 190,35
Bid 189L38

TELEPHONE

01-246 8026

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LADBHOKEJNDEX

' 538-543 (’■7)

Newman Industries seeks
further financial support

Financial Tim es Tuesday August 10 1982

LONDON TRADED OPTIONS

August 9 Total Contract* 2,493 Calls L 688 put* 80 S
; out ■ Jan. Apr4 - '

'EX'rdwCliNlAS: voL

; price ' offer •.

.Cloefng;

offer

v<*.*g£»; Y«i.

BY RAY MAUGHAN

Newman Industries, the fasten- ing by to provide fresh equity
lags, engineering and electric capital provided other- invertors

motor manufacturer, is arrang-
ing terras of further support

come in. Midland Bank. New-
man's sole clearing banker, is

from, its major Singapore-based continuing its support

shareholder. Cycle Sc Carriage.

Cycle St Carriage injected a
badly needed £Sm into Newman

Newman expects to have com-
pleted the canvas of City institu-
tions by the beginning of next’

in November 1980 in return for month and the proposals will
equity and loan stock which, on then be put to existing snare-
conveision, .gives the Singapore holders for their approval. The
shareholder majority control at shares were suspended yester-
just over 50 per cent. Now, day at Sp— capHaJisrag the group
however, Newman needs more at just £2.8m and dealings wiH
extensive help and approaches remain

stood to stand at over £30m and
shareholders' funds are thought
to have shrunk below £10m.

The . transfer of the troubled
ceramics businesses of Grindleys
of Stoke, Barker Brothers and
Cartwright and Edwards to a
new holding company. Federated
Potteries, cut borrowings by
£2.4m (while trimming net
assets by about £1.5m) and rid
Newman of a chronic Joss-maker.

The disposal also introduced
Newman to a potentially

are being made to other outside
shareholders.'

Aid is already at hand from
two ‘ sources. Finance for
Industry and the United Kiag-

finaocing package is complete.
The accounts for calendar 1981

re- important new ally. UK Provi-

dent having
management

backed the
team which

are now being finalised, Newman founded Federated to the extent

announced yesterday, and will
be despatched in conjunction

of taking a 40 per cent holding,
met and appear to have been
impressed by Newman's manage-

dom - Temperance and General with the re-structuring package, impres
Provident Institution are stand- The group’s debts are under- meet

Ward White in new U.S. move

Ward White, the Northampton- east coast of the U.S. with 44
shire-based footwear ><group; is retail outlets and sales in,to last
poised to take another step in its financial year of $36m.
policy of diversifying away from The name of the prospective
non-speriaJised manufacturing subsidiary was not disclosed,
and into UK and U.S. retailing pending completion of the talks.

operations.

The latest move will also add

Mr Sharpe said this
probably be within

would

weeks,

target company Is cash rich and
Ward White would retain
“maximum -flexibility” on the
future shape of its balance sheet,
said Mr Sharpe.

Ward bought Childs Corpora-
tion of the U.S. for £7m in 1980
and Kusbins Shoes of the U.S.

again to the group's growing perhaps even days, though no for £4.8 in in August of last year,
presence in the U.S., perhaps lift- final agreements had .vet been The proposed deal is ; understood
ing annual turnover there to over reached. ' to be larger than either of these

SlOOnti The purchase price is expected and wouid lift significantly the

Mr John Sharpe. Ward White’s to be about £14m. with about £9m total overseas share of the
finance director, said yesterday payable on completion and the group's annual sales, already just
that the group was well advanced balance over three years, under 50 per cent
in talks to acquire a private shoe Medium term bank loans would Ward's shares closed at 57p,
retailing business based on the finance the acquisition but the down Ip. •

presence in the U.S., perhaps lift-
ing annual turnover there to over
§ 1 00 m.

Mr John Sharpe. Ward White's
finance director, said yesterday
that the group was well advanced

Shackleton and Europa to merge

Sbakleton Petroleum Corpora- is. a U.S. public oil and gas com- one common share for each 10

Sbakletoo Petroleum Corpora- is. a U.S. public oil and gas
tlon and Europa Petroleum Inc, pany whose shares are not
.two parts of the oil explore- on any exchange,
tion empire of Mr Bob Lamond After the merger has
of the CaJgaiy-.*=*<P Czar approved, application will be
Resources, have agreed terms of raade t0 list ^ of ^ shares of
" a prep 0 ?®** merger. the merged company on the

.This_mvoIv.es the alteration of Vancouver Stock Exchange.
Shackleton's authorised capital. ^ .

the change of name to The merged company ; do*

pany whose shares are not listed common shares presently
on. any exchange. standing and the creatioi

Shackleton and the acquisition of Plan to participate in oil and gas

i any exchange. standing and the creation of

After the meraer has been enou 8h common shares so that
pro Jed ap$Sn wiil be will be 30m.

ade to list ail of the shares of Common shares '.
e merged company on the Sbacklcton will then change
mcouver Stock Exchange. its name to Europa Petroleum

The merged company does not ^±-“Xhe merged company.” '
in to participate in oil and gas Europa Inc. and a wholly-
ploration under current owned subsidiary of the merged.

The merged company does not

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Europa by Shackleton expioration umiw currant

The aim of the mercer is to industry and economic cond)-
create a SreSr comDM^S'th the tions - 11 wiU use available cash

more, effectively in the oil and ? T g e Pr ®^ rt f ff

wo intiuKi-rv in hjmfh' Ameri/'a U.S.. and for drilling opera-

cu rrent

economic condi- company will then be merged

tions. It will use available cash into a single subsidiary whereby

SHARE STAKES

gas industry in North' America ,
the two companies said.

.Shackleton is a Canadian
public oil and gas company

and new equity to acquire pro- every 10 shares of Europa Inc.
during properties in Canada and will be converted into 1-Sin com-
the U.S.. and for drilling opera- nton shares of the merged

tions on properties in which it company.

Canadian already has an interest.

Thereafter, Europa Inc. will he

Shackleton had total assets of a wholly-owned subsidiary of the

whose shares are listed on the C$7.31m

31, while

Vapcouver Stock Exchange and
on the Stock Exchange in London
under Rule 163(le). Europa Inc

Europa had assets of US$I0.89m.

Shackleton will consolidate all
its issued and outstanding

merged company, and the for-
mer holders of Europa Inc.
shares and Shackleton shares
will hold common shares in the

common shares on the basis of merged company.

Etectrocomponenls — Clerical
Medical and General Life
Assurance Society has bought a
further 133.000 shares bringing
holding to 5.17m ordinary shares.

Ex-Lands — Jan tar, fallowing
the 'purchase of a further 10,000
ordinary shares in the company
on July 30 is now beneficially
interested in 487.500 shares
(10.93 per cent).

United Computer and Tech-
nology Holdings — Automated .
Security Holdings now holds

158.000 ordinary shares (7.52 per
cent).

Yorkshire and Lancashire
Investment Trust — Asset Special
Situations Trust has acquired

600.000 ordinary shares (10 per
cent). *

16 *

Sturla holds
7.5% stake in
Greenbank Tst.

Sturla Holdings, the leasing
and - finance group, disclosed a
7.5 per cent holding in Green-
bank Trust yesterday, although
the transaction is understood to
have taken place over a month
ago. Mr Robert Knight, chair-
man of Sturla, was careful how-
ever to- dispel any notion that
another attempt to merge with
Greenbank had been contem-
plated.

A deal folded last summer on
. the failure to agree the terms of
a preference share to be' issued
'as consideration, but Mr Knight
said that the latest move,
executed by Sturla 's recently
acquired investment vehicle,
First Guernsey Securities, was
undertaken solely as an invest-
ment

Greenback's major share-
holder. Malton Financial Ser-
vices, also announced -the sale of

200.000 Greenbank shares yester-
day at 145p per share. AH but

8.000 of this stake has gone to
Flight Property Group cutting
the equity held by MaMon, con-
trolled by former- stockbroker
Mr Tofty Rudd, to 26 per cent or
2Dff,000' shares.

Ferranti
to acquire
Image Data

Ferranti, the electronics group,
has reached agreement in prin-
ciple to acquire the entire assets
of Image Data Products of
' Bristol, which is now in receiver-
ship;

. Image Data, which employs
about 10 people.jtiakes graphical
.Input devices and microcompu-
ter systems/ 'its main product
is a. graphical input tablet which
•allows graphs and charts, hand-
writing ajtd marks such as ticks
anxf crosses- to be fed direotly
hi a computer.

No- price has yet been agreed
but an announcement has been
made so that Image Data's cus
made so that Image Data's cus-
pany will be rescued, Ferratrti
■said.

INTASUN plans

Intasun Leisure Group has
reached an advanced stage in the
purchase of Schoolplan Tours.

■ Schoolplan specialises In
inclusive holidays abroad for
school -parties, with the
emphasis on ski-ing. The com-
pany also runs adult ski-ing
holidays. Schoolplan organises
approximately 70.000 holidays a
year.

Shareholders will be given
more detailed information when
negotiations have been
completed.

FHICOM/TSWr
.. Thicpm has - soTd their entire
'holding of 581,250 ordinary
shares (2.78 per. cent) of TSW-
Television South West Holdings
at 13Jp per share.

• •
• •

••

••

•••© ••••••

•••• •••••

•••• ••••

•• ••••

•••• ••• ••••

0606 ••• ••••

••©• •• •••••

•••• ••• ••••

•••• #••• •••

• #M •••• '

••©• •••• •••

••• •••

•••• •••

• ?••••••••••••••••••

BNP

1981

BNP IN THE WORLD:
STRENGTH AND DYNAMISM

BNP IN FRANCE:

A SATISFACTORY YEAR

•* Total customer deposits
9 9 (FFl 71.6 billion atthe end of
1981) increased by 6.4%. .
Thanks to stringent policies

• BNP has improved the struc-

\ ture of its deposit base. Cur-
\ rent accounts and-depositac-
\ counts increased by 20.7%
\ and 243% respectively from
• # the end of 1 980 to rbe end of
• 1981; during the same period *

•* fixed deposit account went
»• down by 14% and cash certi-

ficates by 11.3%.

.Lending to French custo-
mere (FFl 7J.4 billion at the '

• end of 3981' went up by
% 17.8%; • foreign currency
V loans went up sharply while

Joans in French Francs suf-
\ fered the effects -of credit
9 9 controls.

*• BNPs advisory role

• In 1981 BNP enlarged its .

"• range of products and servi-

ces - mutual investment
*• funds Natio Fonds Place-
% meats, treasury Unit Trusts

RESULTS

Natio Epargne, an increased
rate of installation for auto-
mated teller's machines -
consolidated its reputation •
as the bank for advisory ser- .
vices. Client advisers ensure
that account holders receive .
regular assistance with the
management of their invest- '
meat portfolios.

Corporate financing
Once again BNP is proving
to. be one of the principal
banks for small and me-
dium-sized businesses. Its
efforts were applied particu-
larly to investment finance,
strengthening’ of business
equity through shareholders
loans, encouragement for in-
novation, support for export
business and the creation of
new enterprises. Lending to
major businesses showed .a
marked increase f+ 30% ge-
nerally and + 70% for-fo- .
reFgn currency credits alone).

B ALAN CE-

SHEET

Internationally, with its geo-
gtaphical stength and diver-
sity, BNP is one of ibe
world's major banks; a sound
performance in 1981 was the
result of sustained effort in
the search for improvements
in productivity, a selective
approach in opening new
branches and the consolida-
tion of existing facilities. Se-
veral objectives helped in
the co-ordinated progression
towards increased efficiency:
employee quality through ri-
gorous professional training,
inter changeability between
staff within operating tea-
ms, increased profitability by
constantly improving mana-
gement methods, improved
co-ordination through grea-
ter awareness of the BNP
Group’s overall unity.

Foreign trade
assistance

BNP strengthened its posi-
tion as the leading French
bank for foreign trade, rai-

sing its share of the total of
medium and longterm ex-
port finance from 18.61 % at
the end of 1 9S0 to 1 9.849 o at
the end of 1981. The foreign
trade department, taking ad-
; vantage of the strength of
BNPs French and foreign
network, noticeably increa-
sed the number of opera-
tions led by BNP.

A well developed capacity
for research and support al-
lows BNP to employ sophis-
ticated financing techniques
and to use such resources to
help in assessing risk-related
decisions.

BNP, the leading
French bank
on the international-
capita] market

BNP has maintained its se-
lective policy when deriding
in which Joans to participate:
in 1981 there were 69 euro- «
loans - 27 led by BNP- and €
235 eurobond issues (116 -
led by BNP;. *

Decd n bcr
M, 1081

17,660

19^390

69,708

242,041

Consolidated balance-sheet

mi l lion iVano

Cash m hand, centra l bulks accounts. Treasury, etc.
Banks and finan cial institutions
Government stock, notes and bonds
Customers

L'eicmbsr,

3U19SI

200.527
55-153
234 .684

In 1 981 BNP made a net profit
of FF591.4 million against
FF603.5 million in J 9S0. Net re-
sults in France Show 's marked
decrease (FF335.3 million in
1 98 1 against FF429.8 million in
1 980) because of the need to ma-
ke substantial .provisions for
contingencies as a consequence
of the current economic crisis
and a 71% increase in races and
taxes. On the other hand net re-
sults' outside France increased
by over‘47%.

Net consolidated profit was
FFI.l 69 million in 1981 (against ■
FF89S -million in I980)'almosr
twice the profit 'of the parent
company.

The total ofBNFs balance-sheet
at 31st December 198I^was
FF55 1.9 billion against FF452.7
billion ac 31st December 1980,
an increase of 21.9%.

Before distribution of profit
equity and loan capital amoun-
ted to FFl 9.2 billion against
FFI 2.6 billion at the rad of-
1980; this increase comes
mainly from debenture loans in
French Francs and in foreign w \
currency, which went from j
FF6.9 billion at the end of 1980

6IJ92 Orhrr aciroums
15.855 Securities
9.703 litres tmeats
• 2,714 Leasing.

- D ebenture loans

- Preference s hares loans
99 Shareholdcrsfands

- Profit for the year
113.471 Total

- to neari y FFl 3 billion at the end
of 198 1 . Share holders’ funds we-
re EF5.5 billion. The total of the
consolidated balance-sheet was
FF6I3 billion at 31st December
1981, showing a 25% increase.

The consolidated balance-sheet •
is 1 1.1% higher than that for -•
BNP alone. ^

Consolidated equity and Joan 2*
capital reached FF223 billion
whhnctworih FF85 billion.

ice me pro or ot me parent -

^ ill BANQKJE NATIONALE DE PARIS

s ~ .1 Siege ScdsI : 16, boulevard des Itaiiens 75009 Paris

T6I. : 244.45.46 - Telex : 280 605

•Vt%%V.%ViV.V.%V6ViV/.V6V.%V.V ° * ® » ^" - - ■

Financial Times Tuesday August 10 1982

Companies and Markets

INTERNATIONAL COMPANIES and FINANCE

KES

i

\\S

Anheuser makes $ 500 m J> ct ® r “4

... , , T _ . . Gamble

bid for U.S. bakery group boosts f

How GuIfiOil shocked Wall Street

BT PAUL TAYLOR IN NfiW YORK

ANHEUSER BUSCH. the
largest brewer in the U.S., is to
make an agreed takeover bid
worth about $500m in shares
and cash for Campbell Taggart,
the Dallas-based group which is
the nation's second largest ’
bread and bakery products
manufacturer.

Tbe bid, which represents
Anbeuser’s first major attempt
to diversify outside the beer in-
dustry, was announced jointly
by the boards of the two com-
panies yesterday. ______

Anheuser wtU pay -$36 a share
for 50 per cent of Campbell
Taggart. The remaining shares

in the bakery group will be ex-
changed for new Anheuser con-
vertible preferred stock.

The convertible preferred
stock wiJI have .a redemption
value of $40 a there, pay a
dividend of 9 per cent a year,
will be non-cailaWe for five
years and convertible into 0.045
of a share of Anheuser common
stock. Shareholders will have
the option to chose cash or
shares subject to pro-ration. .

Anheuser. which had sales
last year of $3.85bu, has about
30 per cent of the U.S. beer
market. . .. Its main brand.
Budweiser. is said to be by far
the largest selling beer in the

world. Tbe takeover of Camp-
bell TSggart marks a reversal
of . its previous product
diversification- strategy which
has concentrated largely on
internally developed new; pro-
ducts ‘ and beer related
businesses.

- Campbell Taggart, which baa
sales last year of ?1.26bn and
net income o f $4 l.7m, -ranks
second after ITT Continental
B aling Company, the Inter-
national Telephone and Tele-
graph subsidiary. Campbell
Taggart's brand names include-
Rainbo and Colonial bread and
the El Chico chain of Mexican
restaurants.

Eurocurrency bank credits fall

BY WILLIAM HALL, BANKING CORRESPONDENT

THE VOLUME of new Euro- . “

currency bank credits in the DEBT OWED ’

first half of 1982 is some 13 per. ■

cent down on the previous half
year. Preliminary data for July

— $6.5 bn in new Eurocredits — f™* 1981 Z

shows a further reduction in the Mexico 5

rate of new lending. Brazi l 5

Fresh evidence of the sharp 1 Venezuela 2

slowdown in the growth of Argentina • 2
international bank lending is ca„*u if nrM
contained in the August issue of ,,

Morgan Guaranty's World ,

Financial Markets and comes •;

less than a fortnight after the ln donesia
Bank for International Settle- Taiwan , 1

merits (BISl released data Nigeria <

which showed a sharp — 1 1

deceleration in the growth of • world i

international bank lending in ^ B
the first quarter of 1982. The

K° I comm-ehfSiv^^r e fi^ e m 0 c economic slowdown is proving
Jf ae BIS to be more extensive and longer
SfjK but *** are more lasting than expected. Primary
, producers have been partial-

Morgan says that the. slow- larly hard hit by a drop of a
down in international lending third in non-oil commodity
and the hardening of - credit prices from their 1980 highs,
terms reflect a general assess- High interest rates have sub-
meat that the risks involved in stantially increased lie debt
international lending have servicing costs for many
increased. developing countries ■ whose

The banks says that .several export prices have been declin-
f actors have contributed to in- ing. Quite a few borrowers
-creased . risks. The world have half or more of their bank

DEBT OWED TO BANKS

End 1981

Sbn

% due in
one year
or less

Mexico

56.9

49

Brazil

52.7

35

Venezuela

26.2

61 -

Argentina

• .24.8

47

South Korea

19-9

58

Chile

10.5

40

Philippines

10.2

56

Indonesia

• 7.2

41

Taiwan

6.6

62

Nigeria

6.0

• 34

Source: Morgan Guaranty.

-

World Financial Markets

debts falling due in one year
or less with the result that such
countries “ have limited ability
to withstand even a temporary
disruption of their .access to
credit markets." . '•

Morgan also notes, that
various political developments
have added to' the genefal per-
epetion of increased risk. In.
particular. Poland's difficulties
*■ have had a very sobering
effect on the international bank-
ing community." ■

Despite the increased risks it
is important to keep the-present
. situation in perspective and not
cut lending too rapidly, says
the bank. .

“By precipitously withdraw-
ing credit now. banks could
worsen the external payments
difficulties and thereby tbe
credit risks against which they
are trying to protect them-
selves. Moreover, such action,
especially if taken simultane-
' ously -by a large number of
batks with respect to individual
countries, or to whole groups
of countries, could force many
borrowers to adjust too rapidly.
The consequent reductions in
imports sou Id have a cumula-
tively depressive impact on the
world economy."-

FT INTERNATIONAL BOND SERVICE

The Jist shows the 200 latest international bond issues for which an adequate secondary market
exists. For further details of these or other bonds see the complete list of Eurobond prices which
will be published next on Wednesday August IS. Closing prices on August 9

• 1 . •. *

U.S. DOUAR

STRAIGHTS fssua

Aetna Lit* IS 86/37 ... ISO
Am a* lot. Fin. 1W* 92 76

Amnx O/S Fin. Mb 89 75

ATT 14 s , 89 400

Baker Int. Fin. 0.0 92... 225
BHP Finance 14V 89... 160
Bk. Atom. MTS A. 12 87 200
Bk. Montreal 14V 87- . 100
Bque. Indo Suaz 15 89 100
Bntiah Col. Hyd. UV 88 200
British Col. Hyd. 15V 82 150

Canada 14*, 87 760

Canadair 15V 87 . . . 150
Canadian Pac. 14V 32 75

Carolina Power 16V 83 60

cfsc re 87 ioo

Citicorp 0'S 15. 84/32 TOO
Cmeorp O/S 15 s , 85/37 12S

CNA 15V 97 75

Con. Illi/iatf I5V89 10O

Duke Pwr. O/S 15V 89 K)
Dupont O/S Cap. 00 90 300

ECSC 14V 57 (April) . 80

EIB-1SV S3 .. 150

EIB 15V 92 100

Eh BOOTTfinaha 14V 88 - 50

Gen.. Elac. Credit 0 0 32 400
Gen. Elec. Credit 0.0 93 400
Getty Oil Ini. 14 S3 ... .125
GMAC O/S Fin. 18 88 150
GMAC D/B-15V 85/97 TOO
GMAC O/S Fin. 15 89. 125
GMAC O/S Fin. 15 57 .100
Gulf Canada Lid WV 92 100

Gulf Oil 141, M 176

Gulf Oil Fin. .0.0 92 • 300

(nt.-AiK Dv. flit. 15V 87 SS
Japan Daw. Bk- 15*1 87 60

Naw Bttinawick 16V 89 75

Nov* Scotia Pr. 15V 89 76

Ontario Hydro 14V 89-.. 150

Pac. Gaa fc-EI. 15V 89 45

Phillips Patrol 14 89 . . 200
R.J. Rynlda. O/S 0.0 92 400
Saskatchewan 16 89 . 125

Shall Canada 14V 92 . .125

Soatn 15V 87 100.

Superior O/S Fin. 1* 89 125
Swad- Exp Cr. 15V 89 100
Swnd. Exp. Cr. 14V 30 100
Swad. Exo. Cr. 0.0 94 200
Taxed Eastern 15 s , 83 - 60

Union' Carbide 14V 39 150
Wede-' Fargo Inf. 15 87 "'75
World. Bank 141, 87 500

World" Bank 15V 88 ■ - 250

Charm* on

Issued Bid Offer day week Yield '
J50 102V T03V —IP, -IV 13.79 -

76- 89V100V +OV O 18.19 .

75 98V 96V -OV-OV 15.08 ,

400 102V. 103V -0V -IV 13.51 r

225 »V 26V -IV -IV 15.22

160 96V 97V -OV -1 15.48

200 91V 32V -0 1 , Q 1437

100 94V 95V -OV -OV 18.02 b

100 9SV 96 -1V—1V 1832

200 88V 99V -OV-OV 1496

150 100V 101V -OV -OV 15.01

780 89V 99V-0V -0», 14.49

150 101V 101V -OV -OV 1498

75 . 84V 95V -Oi, 0 15.68
60 104V 106 s , -OV -OV 1533
TOO 8 0 99V-0V 0 18.48 -

TOO 99V 99V -0 s , -OV 15.11
126 100V 101V — OV -OV 14.87

75 100V 100V -OV -OV 15.71

ICO 95V 36V +0V -OV 18.75
60 100V 100V -OV— OV 16.29

300 36 - 36V -OV —IV 14.90

80 88V 99 -OV-OV 15.07

150 100V 100V -OV -OV 15-28 .
100 99V WV -OV -OV 15.51

50 MV 98V -OV -IV 1435
400 27V 2 7V -IV -IV 14.47 -

400 23V 24V -IV -IV 1*-47

.125 98V 99V -OV -1 14.T7

150 102V 102V -OV -OV IS ‘

100 38V 99V -OV “0 s , 16.62

125 99V 99V -OV -OV 15.05

100 99 s , 100 -OV -OV 16-02

100 97V S7V -OV -OV 1531

178 98 99V -OV -OV 1435

300 27V 27V -IV -V, 14.61

55 98V 99V — OV -OV 15-30

60 104V 104V 0 +0V14.05

75 102V 103 s , -OV -OV 1539

76 96V 96V — — 16-15

150 99 99V -OV —0 s , .14.88

-45 101V 102V -IV — 2V 1431 1 .
200 87 97V -OV -IV 14.82

400 28V 27V -OV — 1 V 14.68

125 101V 102V rOV -IV 15.48

125 87 97V -OV -OV T439

100 100V 101V +0V +0V 1531
125 87V 97V -OV -OV 14.80

100 99V 99 s , 0 -OV 15.34

100 9SV 98 -OV -OV 1S.6S
200 19*. 20V -OV -DV 14.99

60 10OV 101V ■ 0 +0V 15.49
150 . 89V IOO 1 ,.— 0 1 , — OV 14.70
75 99V 98*,- “OV -OV 16.12
500 87V 97V -0 s , “0 s , 1437
250 100 s , 101 -OV “OV 14.97

- • . Chans* *n

OTHER STRAIGHTS licusd Bid Offer day weak Yield
Sail Canada 16 89 C$ .. 100 198V 98V -OV O 1835

Can. Pat, S. 16V 89 CS SO
Crd. FoncJar 17V 89 CS 30
Matro. 17V 90 CS— 20
OKB 16V 88 CS 63

198V 99 0 +0V 18.63

198V 99V +OV +OV 17.19
197V 98V 0 -OV 17.68

198V 99 -OV 0 1638

Q. Hyd. 16V 89 (M) CS 60 1100V100V 0 +0*, 1632
Quebec Prov. 16V 89 CS SO t»0V1O1 +0V +0*, 1639

i . au *■ AT At* m* *A Ml AC .A A 1 in M

• U. Bk. Nwy. 9V 90 EUA 18

• Amro Bank 10 87 FI ... 150

Bk. Moee & H. 10 87 FI 75
Eurohma 10V 89 FI 50

' Ireland 10V 87 F| 75

Phil. Lamp* 10V 87 FI... 100
World Bank 10 87 FI ... 150

OKB 14 BbTFr 400

So/vay el C. 14V 8« FFr 2 00
Beneficial 14V 90 E (DJ 20

• BFCE 14V 87 f - 30

BNP 13V 91 C 15

CECA «V M f 20

Fin. E* Crcd. 13 s , 88 C 15
Gen. Elnc. Co 12V 89 C SO
Hiram Welker 14V 86 E 25
NorsV Hydro. 14 s , 87 £ 30

Privatbanken 14V 88 X 12
Quebec 15 s , 87 E" ... 35

Reed (Nd) NV 16V 89 C 26
Royal Trustco 1* 86 £... 12

SDR France 15V 92 t .. 30

•Swad Ex. Cr. 13V 88 C 20

. Tenneca Int. 1*V 87 £ 30

Eurofima 10V 87 LuxFr 500
EIB 9V 88 Luxfr 800

FLOATING RATE *

NOTES • Spread

Allied Irish ’5 s , 92 OV

Bk. of Tokyo 5 s , 91 (D) OV
Bk. Nova Scotia 5V-83 OV
BFCE 5 s , 88 — OV

• BFCE 5V 87 ,0V

• Caieae Nat. Tele. 5V 90 0 s ,

CCCE 5V 2002 - OV

CEPME 5 s , 92 OV

Chemical NY 5V 94 tOV

•93V 96 0 -OV 10.62

99 9BV -IV -OV 10.18
99 99V -OV -OV 10.18

100V 101V -OV -OV 1039
98V 99 0 — Of, 1032

101 101V -OV-OV 9.88
99 98V -OV -OV 10.18

94V 35V O +OV 16.01
94V 9SV 0 +1 16.55
90 91 -OV +0», 1636

100V 101V — OV 0 14-13
98V 97V -OV +OV 14 06
9BV 99V -OV +0V 13.79
98V 99V “0 s , -OV 14.18
97 s , 98V +0V +.1V 12.84

100 101 -OV +0V 13.99

101 101V -OV +OV 14.10
97V 98V +OV +0V 14.88

102V 103V tOV -OV 14.48
105V 106 s , —0*i -0‘, 1530
987, 100V 0 +0V 13.76
102V 102V -OV +0'. 1434
99 100 -OV -OV 1336
9B>, 99V — — 16.08

96V 97 s , 0 0 1137

S2V S3V — OV -OV 7135

FLOAIINb HA1C .

NOTES - Spread Bid Offer C.dtt C.cpn C.yld

Allied Irish -5V 92 OV 98V 99 «/10 15.® ISM

Bk. of Tokyo 5 s , 91 (D) OV 99V 100 s , 8/12 1SV 1635

Bk. Nows Scotia 5V 83 OV ®V 99V 29/10 15V

BFCE 5 s , 88 OV 99V 9B 7 , 28/10 15 15.08

- BFCE 5V 87 OV 99=* 99V 27/1 14 14.07

Caieae Nat. Tele. 5V 90 OV 99V »V 21/10 15V 15.81

CCCE 5V 2002 OV 98V 98V 11/12 15V 15.59

CEPME SV 92 OV 99J, 100 s , 10/12 15.44 15.44

Chemical NY 5V 94 W, «HW 23/3 IS.® 16.73

CIBC-5V 94 OV t97V 97V 15/1 16V 15.62

Credit Agricole 5V 97... " OV 99V 99V 24/ 9 JJ'JJ Jfoo
Credit du Nord 5V 92 -.- OV- ®V 100V 23/12 16-SI 16.83
Credit Lyonnais 5V 97... OV 99V 1® V10 18 16.04

Credit Lyonnais 5V 94... OV 100V 100V 1/1 Jf"S5

Credit Net 5V 94 WV 98V ® 9/9 14.® 1437

Ireland 5V 39/94 OV 198V 98V 26/11 14V 1437

Average price change* . On day -OV on week -OV

DEUTSCHE MARK
STRAIGHTS

Aaian Pov. Bank 9V 92 150

Australis 9V 91 200

Austria" 8V 92 100

Barclay* O/S In. 8V 94 100
Bowaiar. Int. Fin. 8 s , 89 50

Canada EV 89. 200

Comp. Tel. ESP. 10V 92 TOO
CracL fonciar 8V 92-..- . TOO

Denmark 10V 92 - 100

EOF 9V 92 100

EIB 8V S2 • .... ; WO

tnt.-Am: Dew. Bk. 9 82 150
NbcbI. ' Financiers IT 90 150
Norik Hydro 8V 92 ... 100
Philip* Lamp* 8V 92 ... 1®
Philip Morris 8 s , 90 ... TOO

QMbtt 10V 92 .W

"•# 10 92. 1W

SN<5 8V 92 ID®

Tswtfauwbahn 9V 84. . 50

Tanraec int,. 9. 9? .. ‘00

Wo(W Bank 9V B9 .. TOO
Worfi Bank >" 200

Change on

Issued Bid Offer dsy~week Yield

97 s / 38V -OV -OV 938
103V 104V -OV 0 8.72

S4V 96 -OV -O'* 930
95V 85V — OV -OV 9.98
96V 96V -OV ”0V 931
101V 102V -OV -OV 8-11
100V TOOV -OV-OV 10.87.
as 7 , 96V -OV -OV 93 B
101V 1D2V — OV “ OV 9.75
100V 101V o +0V 9.67
94V 95 -OV +0V 9-20
97V 97V -OV -OV 9.41
96V 97V -OV -0 s , 1139
97V 98V -OV “OV 832
99V 99V+0V+0V 8.57
101V 101V — OV +0V.7.M.
102V W3V -OV “OV 9.55
99V m -OV -0VW.07
95V 96V — OV -DV 933
101 r, icbv -OV-OV 9 .SS
97V 98V -OV-OV 9.29
100V TO1V -OV -OV 930
961, 90 —0 s , -OV 9.17

. KanVeTfi* "Osike 5V 92 OV 88V »V 8/11 1531 T5.37
LlQvds Eurof»n-5V 93 '..’. 50V 99V 100V 29/10 17 s ,- 17.15

Long Term Crad. 5V 92 OV 9»». 99V 23/11 14V
j P. Morgen 5V 97 ... 50V 98*, 99V 12/8 14V 14.77

. Net. west. Fin. 5V 91... SOV 100. IOC, 15/1 1SV
New Zeeland SV 87 ... - OV 99V -100 s , 7/10 15.S
Nippon Credit. 5 s , » .. OV » 99V.10/8 16.0

Offshore Mining 5V 91 OV 9BV 100V 2/12 14.1

SSV-IOO*, 7/10 15.58 1538
39 99V. 10/ 8 16.08 18.18

9BV1Q0V 2/12 14.19 1431

PKbanken 5 91:..:..."..... OV TOO 100V 17/12 1531 15.77
Scotland Int. 5V 92 OV 98V 99V 23/9 15V 1631

Sec. Pacinc 5 s , 91 OV

Societe Generaie 5 s , 95 OV
Standard Chart.' 5 s * 91 OV

Sweden 5V 89 0 s ,

Toronto Dtwnrn’n SV 92 OV

WV 100V 24/1 1 15 15.02
99V 99V 1/5 1631 15.4T
39V 99V 18/11 14V 14.96

93V 99*, 25/8 1531 15.41
97V 98V 11/8 18V 16.73

'^^e^^noaa On ^ -<* pn^ak -OV

SWISS FRANC -

STRAIGHTS • - ffaauj

Air panada SV 32-. .TOO

AsuaEPtiwr.Bank 732 .. TOO

Aucslsa IK 92.. 80

Auattalia 6V 94 TOD

SNK^* 2 " TOO

Css&Tbt'I'Eqwgia "7-S2 100
C&ewco 8V92 ... SO

Co<&. Dapmark 8 S , S2 7&

. Chang* on

issued Bid Offer day week Yield

100 100V ioov +°V. 0 • « M

100 101VTO1V -OV +0V 632
80 " ® SBV -=1 -Os W
TOO . 1QBV 105V . 0 rOV 536
100 87V ®V -OV - 0. 739

100 100V1W- +0», 0 .6 87
50 92 92V -2*, -2. 9-52

» .105 IffiV — flV -QV 7 59

Aveng* price ohsitgat... On day -OV on week -OV

CONVetTIBLE Cnv. Cnv. Chg.

BONDS date price Bid Offer day Prem

AHnomoto 6 V 96 7/81. 833 79V. 81V -IV 11.64

Bow Valley Inv. B 95 ... 4/81 23.12 95 86V +0V 86.54

Bndgestone Tire SV 96 3/82 470 85 88V -IV 5.11

Canon 6 s , 95 1/817363 88V 88V “IV 4.48

Canon 7 97 7/82748.2 • 96V 96 s , —IV 234 |

Chugs! Pherm. 7V 9B ... 7/823093 10*V 106V -3V 0.9B
Fujitsu Fanuc *>z 98 ...10/81 6641 73 74V “2** 30.87

Furukawa Elec. SV 36... 7/81 300 f88 90 — CR, —033

Hitachi Cable 5V 96 ... 2/g 515 78 s , 79V “IV 3.74

Hitachi Cred. Cpn. 5 96 7/81 1812 67V «9V “2V 9.12

H^nda Mowr5V 97 3/82 8*1- 78V 80V -«V

Kflwesnki 5V 96 9/81 229. 61V 63 -IV 2537

Marui 6 96. ■■■ • 7/61 848A 93 s , 94V -2ft 5,28

Minolta Camera 5.96 ...TO/81 826.4 58V 59V -IV 3®-*

earnings

il By Our Nrw York Staff .

J PROCTER AND GAMBLE,
^ the leading U.S. household
J products manufacturer, im-
K proved Its net earnings by
“ 14.6 per cent to $165m or

. SL99 a share in tbe final
9: quarter of its fiscal 1981-82
Q year ending June 30, against
® gl44m or ^L74 a share last
. ■ year. Sales rose to 82^8bn,
against |2^bn.

J Hie fourth quarter earn-
A fugs include the effects of
^ three accounting changes
a which boosted earnings by
3 $3m or 4 cents a share. They

resulted in a 16.3 per cent
increase in net earnings for
the year to $777m or $9.39 a
share from S668m or $8.08 a
share. Sales were up S per
cent at Sll£9bn, against
S11.42bn.

The company said that Its
earnings from 3981 excluded
r. an extraordinary charge of
i S75m from the setting up of
r a reserve to cover the costs
l of the suspended sales of its
> Rely tampons which resulted
in final net earnings of
$593m or 57.17 a share.

Hungary past
crisis, says
state bank chief

By Our Euromarkets Staff

MR JANOS FEKETE.
governor of the National
Bank of Hungary, yesterday
described the completion of
a $260m special 15-bank club
loan for Hungary as “ a very
courageiou s undertaking by
the British clearing, banks"
among others.

Mr Fekete, in London yes-
terday for the signing of the
deal, was referring to the
participation of the UK
cleaders in the credit. He
went on to say that the help
of the world's central banks
would also be required in
“this very special and excep-
tional period." .

“We cannot ask the
commercial hanks to take all
tbe risk." added Mr Fekete.

Hungary was now past its
crisis of the first few months
of 1982, during which there
was “a run against our
bank.”

Hungary’s total outstanding
foreign currency debt is now
around 58.6bn. Its foreign
exchange reserves are at
$600m to 9700m and its 1982
maturong debt— principal and
interest — amounts to a
. similar amount.

Mr Fekete said he “hoped”
the Bank for International
• Settlements (BIS) woold-
approve a 5300m loan to
Hungary at its meeting next
montb in Basle. A total of
S2I0m of BIS money has been
loaned to Hungary so far this
year.

Tbe S260jn loan, organised
by Manufacturers Houover
Trust, could be "a break-
throuj* " according to Mr
Fekete. “ We nee dyour help
in business, we need your
goods and you need our
markets." he concluded.

The fart that 15 banks had
b^n willing to lend to
Hungary in a commercial
credit was a “ demonstration ”
of good faith and confidence
by the West.

Canadian
Pacific slide

By Our Financial Staff

CANADIAN PACIFIC, the
Integrated transportation
group which has extensive
interests in natural resources
and in manufacturing, is con-
tinuing to reel under the
weight of Canada's economic
recession. Second quarter
earnings have plunged from
C$119.6m to C$63.7m
(US$5lm), leaving half-year
profits at C$1 10.6m, against

C$2 53m previously.

Per share earnings were
C$1.53, against C$3.52m for
the half-year and 88 cents,
against C$1.66 for the second
quarter.

Revenues for tbe six
months totalled C$6.2 gbn,
against C$5.9bn last . time.

|88 90 -0*4 -033

78 s , 79V -IV 3.74

67V 65V -2V 8.12
78V 80V- »V 623
61 s * 63 -TV 2537
93 V 84V —2ft 5,28
58V 59V -IV 38.95

Mmrrrn 8 s , 97 -.... !... S/82 8,16. f82 «4 -1

Surai'n bV 9p 7/81 rtBB 68 69 s * — OV *0.66

NKK 6V 86.!..' 7/81 188 73V 15V -1

. Nippon Elac tire* 5V 97 .. 2/82 846 81 *, 83V — 2V 737
Orient RnanoiSV 97 ... 3/82 12D5- 85 s , 87 -OV 11.10
Sanya Elacttic 5 96. -10/51 852 59V 61V -IV 14.98

Sumitomo Elac 5 s * 3/ HZ 5773 81V 8ZV —3 7.32

Sumitomo Mat. 5V 36 .10/81299.1 59V £V -JV 51.47

Swiss Bk. Cpn. 6V 90 9/SO 191 73 75 0 38.66

Knrisbiroku 6 s . 88 DM 6/82 818 102», 103V -OV 16.64

Mitsubishi H. 6 89 DM 2/52 2S3 87V 88V +0V 35.27

■ Nn ininrmstion available — previous day's pric*.

-t Only ona market maker supplied a pnea.

Straight Bonds: The yield is the yield to redemption of the
mid-Bnee; the amount issued ia in millions of currency
units except for Yen bonds where it is in. billlona.
Change on week -Change over once a week earlier.
Floating Rat* Notes: Denominated in dollars unteas other-
Wls* Indicated. Coupon shown is minimum. C.dte-Dat*

’ 'next coupon becomes effective. Spread— Margin above
" six-month offered rate f* three-month: § above mean
rate!, for U.S. do ,lan - C.con*>The current ■ coupon.
C.yld -The current yloTO.

- Convertible Bonds: Denominated in dollars unless other-
wfao indidawd. Chg. day -Change on day. Cnv. datg=

' First dale for conversion into shares. Cnv. Brice*
Nominal amount o» bond per share axpreassd in
currency of share ei conversion rata fixed at issue.
Ptsrri =■ Percentage premium of the currant affective price
rif -artpunrig shares via.. the bond over the most recent
prices cl the. shares.

Ift The Financial Tunes Ltd. 198Z . -Baproduction in v/h?jle
or in pan in any form not permitted without written
conssnt. Data supplied by DATA5TREAM Iniernauonal.

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NOTICE TO HOLDERS OF

KAO SOAP COMPANY, LTD.

gap Sdtfaa Kahnshitri Kabhw)

6 PER CENT CONVERTIBLE
.. BONDS DUE 1992

NOTICE IS HEREBY* GIVEN
that:

. 1 Effective as of June 29. 1982,
KAO SOAP COMPANY, LTD.
has changed its English name to
KAO CORPORATION.

2. The above-mentioned Bonds
will remain listed on the Luxera-
bomg Stock Exchange under the
Company’s previous name but
Mowed by the new name. Each
sew notice to Bondholders will
contain both -namga.

3. 'n» Bonds will not be stamp-
ed or exchanged for new bonds.

•L A complementary legal no- ■
lice as well as the amendments
on the statutory documents have
been lodged in Luxembourg.

KAO SOAP COMPANY, LTD.

• (now called KAO CORPORATION)

Dated: August 10, 1982

THE DECISION, by Gulf Oil,
sixth largest U.S. oil company
and the smaller of the seven
sisters, to withdraw suddenly
last Friday its SSbft bid for
Cities Service, the country’s
20th largest oil concern, has
left several Institutions, invest-
ment houses and speculators
high and dry.

By some accounts, their
losses could total a huge $300m
to WOOm -r tbe biggest losses
ever sustained .by the invest-
ment community on a single
stock.

Cities Service has moved to
protect its stock price by pro-
posing to buy back about 25
per cent of its outstanding
shares. At the same time it
claimed it was discussing a
merger proposal with another
“major American company”
and said if the worst were. to
happen it would liquidate the
company. But the losses of
some brokers and risk arbi-
trageurs will be nonetheless
substantial.

. Before Gulf announced Its
decision. Wall Street had
regarded the deal as already in
the hag. For more than a year.
Cities Service bad been a take-
over target After • an acri-
monious battle with smaller
Mesa Petroleum, Cities finally
found Gulf to rescue it with a
friendly $63 a share cash and
securities bid. Most people
expected anti-trust objections
to the merger, the first between
two large U.S. integrated oil
companies, and the third
largest in U.S. corporate his-
tory. But the consensus was
that these problems would be
easily - resolved and the
marriage cousumated.

Gulfs offer was viewed as
generous. The speculators and
brokers jumped in and
acquired substantial positions
in Cities Service. They paid
between $40 and $60 a share,
expecting to make a tidy profit
by cashing in their shares at
the Gulf offering price. In all,
between 15m and 20m Cities
Service shares were acquired

solely because of Horizontal mergers, whereby
“Big is not neces- two companies with similar
” has become a types of operations competing

favourite slogan- of the new in basteally the same markets

generation of anti-trust busters.

The anti-trust authorities had
previously blocked two attempts

attempt to combine tiiei*
business, are unacceptable.
On the other hand, vertical

by Wall Street professionals, companies solely because of Horizontal mergers, whereby
These professionals were their size. "Big is not neces- two companies with similar
screaming up the wall jester- . sarily bad." has become a types of operations competing
day claiming, like ‘ Cities favourite slogan- of the new in basically the same markets
Service’s management, they generation of anti-trust busters, attempt to combine theiJ
were astounded, shocked, stun-' The anti-trust authorities had business, are unacceptable,
ned and disgusted by the Gulf previously blocked two attempts On the other hand, vertical
surprise move, which appar- by Ufobil to acquire another mergers, however large, now
ently also took by surprise the major integrated oil company— have the Reagan blessing,
investment advisers of Cities first Conoco, then Marathon Oil. These mergers, which extend
Service.’ Rut Gulf was thought to stand or complete a vertical chain of

Gulf claimed it was unable a better chance than the rival integration of two given com-
to go ahead with the deal be-’ oil giant Mobil, on both occa- parries, are no longer deemed as
cause of the tough Approach sums, was malting hostile bids, posing an anti-competitive
the Federal Trade Commission. In turn, this meant a direct threat This ms the reason why
the UA Government anti-trust challenge from the other oil Du Pont was able to acquire
watchdog, was adopting towards company leading to bitter Jiti- Conoco last year in a $7bn deal
the proposed merger. The FTG gation and the dredging out of which is still the largest ever"
baid it would only clear the the most obscure aspects of acquisition in the country’s
deal if. Gulf shed a substantia* anti-trust litigation hi story.

number of assets, including a Gulf, on the other hand, was Thus the stock market mis-

by flfobil to acquire another mergers, however large, now
major integrated oil company — have the Reagan blessing,
first Conoco, then Marathon Oil. These mergers, which extend
Rut Gulf was thought to stand or complete a vertical chain of
a better chance than the rival integration of two given com-
oil giant Mobil, on both occa- panies, are no longer deemed as
sums, was malting hostile bids, posing an <anti-eompetitive

deal if. Gulf shed a substantia*, anti-trust litigation history.

number of assets, including a Gulf, on the other hand, was Thus the stock market mis- '
major oil refinery. making a friendly bid, and both calculated and misjudged the •

, new anti-trust policies of the

Reagan administration. So did 1
Paul Betts finds the collapse of the $5bn Gulf- Gulf, apparently- Beyond The :
„ . . , , . . , immediate impact the FTC has .

Cities Service merger proposal could cost investors h3tJ on Guif.cm« semce i
and speculators as much as $300m to $400m. J". 1 ,- ‘KvT'SEr? ■

■■■ — ■ -■ ■ ■ ■ consequences. In large measure. |

J . . , . . the collapse of the Gulf deal has :

Cities Service and several parties expressed eagerness to t ^ ]id f ^ ti mc heinc i
Wall Street Professionals consummate the marriage as J t least on maior oil compan: , ,
accused Gulf of using the FTC soon as possible and co-operate t _ keQ v ‘ cities Sen-ice m*v ■
as an excuse They claimed the in overcoming any anti-trust we]1 j. anotJier p3r t ne r. but 1
company had apparently had difficulties. ,. c (s _ n „ t, fcp , v tn ho .

Service

several

second thoughts on the deal
and derided to pull out.
Whatever the merits of the

ouncm ues. ns search is more likely to he

But even in these days of focused nn a company other
more accommodating anti-trust than a major nil concern',
enforcement, the FTC was For the market, the Gulf

Whatever the merits of the enforcement, the FTC was For the market, the Gulf (
argument, the collapse of the clearly worried by the merger, decision has been all the more
merger, does reflect a tougher which would have set an ira- devastating because the mesa- ;
anti-trust policy on the part of portant precedent" in U.S. cor- dollar bid' was one of the few
the FTC than had ben ex- porate history. Major oil com- hright spots in an otherwise •

the FTC than had ben ex-
pected. As early as July 25.
the FTC indicated it would seek
to block the deal. However,
there Was widespread optimism
that the FTC objections would
not torpedo the whole deal and
that the two companies would
be able to get round the
agency's objections:

This optimism was further

porate history. Major oil com- hright spots in an otherwise
pany mergers have traditionally depressed stock market with the
been hot political issues. Barely j) PW ]n dustrial average down
two years ago they would have below S0(1 and little prospect of
been unthinkable, but the a rallly. As a result, many more
Reagan era was expected to professionals played the Gulf
change all this. The oil com- game in the absence of any
panies. especially Mobil, de- other major action in the mar-
cided to test the new anti-trust ket. It also seemed a pretty
climate, but so far they have safp bet.

failed to pull off one ‘big But even the most obvious

enhanced by the generally more merger.

ket. It also seemed a pretty ;
safp bet- j

But even the most obvious |
deals are risky. If the Gulf- •

lenient approach to anti-trust The new anti-trust guidelines Cities Sendee saga has taught f
policy by the Reagan Adminis- are by no means as loose as they tbe market anything, it is that j
txationi which only recently may seem superficially. The you can never take anything on
issued new anti-trust guidelines core of the Reagan philosophy is Wall Street for granted until
indicating it would no longer based on the concept of hori- you have got the money in your I
object to a combination of two zontaS and vertical mergers, pocket

Widespread falls In Eurodollar bond prices

BY ALAN FRIEDMAN

THE EURODOLLAR bond
market saw prices fall by i to 4
point last night after a day of
nervous trading
The day began with prices
marked down by as much as one
point on the back of Friday’s
disappointing U.S. M-X money
supply figures and continuing
new issue indigestion. But
prices recovered later in the

day. mainly among seasoned
bonds.

New -issues have traded
poorly over the pasta few days
and the Du Pont 144 paper was
quoted yesterday at 97 to 971
compared with an issue price of
par. Deutsche Bank’s 14} per
cent bond hit a low of 98 yester-
day before recovering to a bid
price of 98} last night.

In Wegf Germany a DM 100m
10-year issue was launched for
International Telephone and
Telegraph through Deutsche
Bank. *nie coupon is 9} per cent
at par. This issue will not be
helped bv.the news yesterday
that Standard and Poor’s has cut
the ITT credit rating on some
subsidiaries from Single A to
Trpile B.

The Euro D-mark bond sector
fell i to ] point yesterday and
the Swiss franc sector was down
k point in moderae trading.

A samurai bond is being
arranged for Eldorado Nuclear,
the Canadian group, through
Daiwa Securities. The 10-year
issue bears a coupon of S} per
cent at a price of 99.00 to yield
8.56 per cent.

New Issue

These securities having been sold, this announcement appears as a matter of record only.

August 19S2

U.S. $ 50,000,000

SUMITOMO FINANCE (ASIA) LIMITED

(Incorporated with limited liability in the Cayman Islands)

15 1/2 % Guaranteed Notes Due 1989

♦

Unconditionally guaranteed as to principal and interest by

THE SUMITOMO BANK , LIMITED

(Kabushiki Kaisha Sumitomo Ginko)

(Incorporated with limited liability in Japan)

SUMITOMO FINANCE INTERNATIONAL BANQUEPARIBAS

BANK OF AMERICA INTERNA TIONAL LIMITED '

BANKERS TRUST INTERNATIONAL LIMITED
BANQUE NA TIONALE DE PARIS
CHASE MANHATTAN CAPITAL MARKETS GROUP
CITICORP INTERNATIONAL GROUP
CREDIT COMMERCIAL DE FRANCE
CREDIT SUISSE FIRST BOSTON LIMITED
DAIWA EUROPE LIMITED
DRESDNER BANK AKTIENGESELLSCHAFT
MERRILL LYNCH INTERNATIONAL &CO.

MORGAN STANLEY INTERNATIONAL
SALOMON BROTHERS INTERNATIONAL
- J. HENRY SCHRODER WAGG & CO. LIMITED
SOCIETE GENERATE DE BANQUE S.A .

SWISS BANK CORPORA TION INTERNA TIONAL LIMITED
S . G. WARBURG & CO. LTD :

Financial Times Tuesday August 10 J982

Companies and Markets

INTERNATIONAL COMPANIES and FINANCE

F.T, «
F.T.I
F.T. i

- Bard.

- Bibby
• B?up ■

Borth

ft 1 ' 3 **/

-

. Culler
Hoove
' Intern
Nottir
Phoen
Rank
Reartk
Reed 1
Standa
Turner
V/agor

T SAT
day, d
tralian
side w
about 1
sold <
'tester
iraiia
’.ii- ot)i

“’nlirici
i£ up.”

Sure
Labor
to new
investo
to ppwc
ins of .

The .
by the i
Gnvernr
big Jat
in the
Pancoot
and Gel
They'-
week,
claimed
tial repi
the No-
pa rtmen
suggest?
Jahilirka
prospect
potentia
has heen
tic to sa
It was
Austral u
uranium
priced at
pound *
Prices ar
this in
like rem:
years to
Jabilul-
tracts at
the part
arrange z
of Coven

/trifling p
not meat
ivas unat
m the bi
Mr Tot
’anenntir
trisingly.
urnmems
le maint
abiluka’s

ointinp ■

a a posit
?curity
Taregjc 2
While .
/btluka
tie to a
ng-term
ight be
w dolla-
sure &
an scrat
era in
irker.

Bitmifica
trinenta;
ich of
Europ
in tries 1
□evitabl

.ROSfiib

Ottoman Bank assets
sale awaits go-ahead
from head of state

BY -METiN MUNIR IN ANKARA t \

THE TURKISH authorities are remaining 10 per cent will be
considering a decree which will acquired by as yet undetermined
involve the Ottoman Bank Turkish companies to be found
selling TO per cent of its Turk* by the Foundation,
ish business to Turkish inter- The French and British share-
ests. It is understood that the holders of the Ottoman Bank
decree has been approved by will retain 30 per cent of its
the Turkish Cabinet, but has equity,
yet to be signed by Kenan The decree stipulates dial the
Evren, the Turkish head of capital of the Ottoman Bank be
state. increased from Turkish lire 8m

• The decree, which is believed to Turkish lire 5bn (?2Sm).
to have been prepared some The Imperial Ottoman Bank
three months ago, cannot ■ was established in 1863 by the
become effective until it is Ottoman saltan Firman (Edict)
'signed by the Turkish head of and a convention effected
state. Mr Desmond Reid, chair- between the Turkish Govern-
man of the London Committee ment and the French and
of the 119-year-old bank, eon- British founders. Its function
.firmed that the decree had then was to act as a state bank
been prepared but said yester- of the Turkish empire. It had
jday that “it could easily be that the exclusive right of note issue.

it will never be signed."

In 1925, after the formation

Under the proposed decree, of the Republic of Turkey, the
the bank would operate under tide Imperial was dropped, tbe
the foreign capital law, enabling bank ceased issuing notes and
-the foreign partners to transfer became a purely commercial

their share of their profit institution. In the mid 1960s the
'abroad. bank disposed of its overseas

• According to the decree, the network, selling them to
Turkish Navy Foundation and Grindlays Bank.

Anadolu Holding, a private The bank's legal domicile is
trade and industry conglomerate, Istanbul. The committee of
will each acquire 30 per cent directors reside and meet in 1
of Turkish interests. The London and Paris.

Hero expects to maintain
; earnings at 1981 level

BY JOHN WICKS IN ZURICH

HERO CONSERVEN Lcnzbiirg. sidiaries showed a profit in the
the Swiss parent company of the first six months. Hero Neder-
Hero food processing group, ex- land booked sales below bud-
pects this year's earnings to geted levels and had unsatisfac-
reaeh the same level as in J9SI tory earnings despite cuts in
unless there is a marked costs. No improvement is ex-
deterioration in demand or ex- pected in the coming months,
change rates. 6 Sales of Forbo, the inter-

Last year net profits rose national floor-covering group,
slightly to SwFr 5.38m (52.54m) dropped by 7 per cent in the
and the parent paid an un- first half of 1982 to SwFr 290m
changed dividend of SwFr 85 a f$135.5ra). According to a mid-
share. • year statement by the Zurich

Group turnover rose by 10-9 parent company, of the same
per cent in the first half of this name. this, was the result of
year to SwFr 245.7m (fill 5,Pm). a strengthening in the Swiss
The growth came mainly from franc exchange rate, turnover In
Swiss operations- Although local currencies having im-
foreign subsidiaries had substan- proved over the period by 6 per
tial growth in sales in terms of cent- A share of 59 per cent of
local currencies, this was largely group sales was accounted for
offset by exchange-rate changes, by floor coverings and linoleum

The Italian and Spanish sub- and 24 per cent by carpets.

sidiaries showed a profit in the
first six months. Hera Neder- .
land booked sales below bud-
geted levels and had unsatisfac-
tory earnings despite cuts in
costs. No improvement is ex-
pected in the coming months.

• Sales of Forbo, the inter-
national floor-covering group,
dropped by 7 per cent in the
first half of 1982 to SwFr 290m
f$135.5ra). According to a mid-
year statement by the Zurich
parent company, of the same
name. this, was the result of
a strengthening In the Swiss
franc exchange rate, turnover In
local currencies having im-
proved over the period by 6 per
cent. A share of 59 per cent of
group sales was accounted for
by floor coverings and linoleum
and 24 per cent by carpets.

Orders fall
sharply at
German
engineer

By James Buchan in Bonn

EXPECTATIONS this year
Tor Mannesman*] Dcmag, the
West German mechanical
engineering concern. - have
been trimmed further after a
19 per cent drop in orders
booked daring the first six
months. _ The Duisburg con-
cern, which is 90 per cent
owned by the M&imesnuuiXL
pipe and engineering group*,
saw its profits more than
halved in 198L
Although sales In the half-
year increased over 1981's
first sis months by 12 per
cent to DM 1.36bn (S546xn),
earnings were unsatisfactory,
the company said In a share-
holder's letter.

Weak internal demand
resulted in a 14 per cent fall
In domestic orders hooked to
DM 434m for this year's first,
half. More worrying was the
21 per cent drop in foreign
orders, U> DM 1.06bn.

Orders in hand at the end-
~of June, excloding those with
the new subsidiary Mannes-
mann Demag Sack, were 6 per
cent lower at DM 4.52bn,
against DM 4.7bn a year
earlier. With the Sack orders,
the figure was 9 per cent up.

The enfeebling of Demag's
export business, which
accounted for a full 73 per
cent of order intake in 1981,
confirms fears elsewhere that
export demand in the words
of the Ifo Economic Institute,
“will not provide the
economy with support in the
immediate future.”

First half dip
at NEBB

By Fay G Jester In Oslo

NEBB, the Norwegian sub-
sidiary of Switzerland's Brown
Boveri concern, reports lower
profits for the first half of
1982. but expects increased
safes in the final six months
to bring overall results about
up to last year’s NKr 51.9m,
before tax and extraordinary
items. ■

Tbe half-year figure was
NKr 18m — NKr 4m less than j
in January-June - 198L

Operating income reached .
NKr 761m and orders booked,
totalled NKr 744m. • • ‘

Stewart Fleming looks at the German telephone switching equipment business

Telefonbau treads an uncertain road

We are pleased to announce

the formation of :

Wardley-ACLI
Commodities Limited

1004/6 Bank of America Tower • 12 Harcourt Road, Hong Kong
Telephone: 5-211661 ■ Telex 63276

to provide commodities brokerage services in
Hong Kong and the Asia Pacific Region.

ACLI International Incorporated

A Subsidiary of DONALDSON. LUFKIN & JENRETTE. INC.

Wardley Group Limited

A Subsidiary of THE HONGKONG AND SHANGHAI BANKING CORPORATION

August 4, 1982

H. B. Fuller Company

has acquired substantially all of the assets of

Isar Rakoll GmbH

a wholly owned subsidiary of

Schering AG

We initiated this transaction and served as
financial adviser to H.B. Fuller Company , ;

WARBURG PARIBAS BECKER
A.G.BECKER

TELEFONBAU and Normalzelt,
Che private Germany company
which la the third largest &uj>-
plier of switching equipment to
Che West German Post Office,
faces a future shrouded in
uncertainties concerning tbe
shape of its telecommunications
markets and, more immediately,
tiie resolution of the financial
crisis at AEG-Telefunken.

The company has just pub-
lished its annual results for 1981
which show that sales rose 85
per cent to DM l-fibn and profits
were 4.5 per cent up at DM
71.4m (J28.7m). But this his-
toric financial data is of limited
long-term significance as last
year Robert Bosch, a major
German electrical group, bought
effective control of T and N
from AEG.

Bosch has 75 per cent of
the votes in a holding company
which owns 41.1 per cent of
T and N and an option.

indirectly, to take majority con-
trol of T and N at the end of
the year.

T and N needed the support
of Bosch because alone, or in-
conjunction with its. earlier
partner AEG, it did not have the
financial muscle or the range of
expertise to make a strong,
challenge for the markets open-
ing up for supplying digital.
• electronic machinery for the
“ office of the future."

The link with Bosch, however,
has onJy brought together
directly T and N by inter-
national standards a small com-
pany in telecommunications
terms and Bosch itself which
has major interests in consumer
electronics but has a growing
technical base in micro-
electronics.

While the two companies
together have considerable
weight, they do not add up to a
. grouping which alone could

quickly make a major impact on
tiie new telecommunications

equipment markets. Bosch has
ambitions in this fast growing
sector however. It has a 20 per
cent holding in AEG's telecom-
munications division and a
similar stake in AEG’s office
products business, Olympia.

These strategic stakes have
remained outside the*T and N-
Bosch axis however, -with the
big engineering group Marines*
mann. for example, also having
a 20 per cent stake in AEG's
telecommunications operations,
reflecting its own ambitions in
the office equipment market
following its purchase of control
of Kienzie, the business
machines company.

Observers of the West
German telecommunications in-
dustry have, been scratching
iheir heads and asking when
Bosch and Mannesman!! would

make the derisive step and try
to pull this incoherent group
of interests together.

• Bosch itself has. at least In
public, adopted what can best
be described as observer status.
Its position is strong^ enough
that should it want to it knows
it • ■ can always intervene
decisively to secure its interests.
In the meantime, rather like a
vulture which can see that its
prey may soon expire, it has
been content to watch the
agonies -of AEG knowing that
it may. be able to pick up the
pieces it wants without much
■of a struggle at a later date,
The price of this policy has
been that valuable time has been
wasted, at least a year, in
creating a coherent telecom-
munications/data processing
group with a German base which
will be‘ able to compete with
the likes of IBM of the U.S.

In its report and accounts
T and N places sreat emphasis-
on tbe research and development
work it has been doing to
prepare itself for the market
for digital telecommunications
equipment. It points out that-it
will be at least three years
(1536) before the German Post
Office has a system in place to
meet the digital transmission
needs for the office of the future.

This aprOTcfr-nins the risk of
overlooking to fact tot the
task Bosch -is ' addressing
requires products and manage-
ment as well as technology and
money. T and N is stiB insisting
that, in some ‘mysterious way, it
still have a. future as. an
independent company, a state of
mind which scarcely, seems
conducive to tbe rapid creation
of a management team out of
tbe disparate bits and pieces
which lie within Bosch’s grasp.

Hino shows its determination to expand in the U.S.

BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT

HINO, Japan’s largest heavy
trucks producer, has given up
attempts to boost sales in Euro-
pean markets to significant
levels. But the company is
determined . to find a way of
penetrating the U.S. market,
according to Mr Keiichiro Yama-
guchi, managing director, over-
seas operations.

He acknowledges that the
Japanese truck makers have
lagged behind the Europeans
in the U.S. but says Hino could
follow the European lead by
seeking a co-operative venture
with an American manufac-
turer.

Or Hino might link with one
of the Japanese car producers
which has established a good
dealer network in the U.S.

Hino considers itself to be
“part of the Toyota group " —
even though Toyota's share-
holding in the truck concern is
only 9B per cent. Toyota is
Japan's major car producer and
second in the world, behind
only General Motors of the U.S..
It has a strong presence in the
U.S., last year accounting far
6.5 per cent of total car sales
there, or 576,500 out of 8.53m.

Hino in the year to March 31,
1981, produced 74.000 trucks
and buses. It also produced
240,000 one-tonne pick-up trucks
and 40,000 cars for Toyota and
these vehicles represented
about one^third of Hino's turn-
over of Y389.3flbn ($l,49bn). ■
This represented a 7 per cent
‘increase on the previous finan-
cial year but Hino’s net income
after tax fell 12 per cent to
Y4-68bn_

Mr Yamaguchi says Hino has
high hopes of getting into the
bus business In the U.S. Two
buses were tested by the City
of New York last year and in
June Hino sent another, built
to American specifications for
a follow-up test of sis to 12
months.

If the test Is successful.
Hino would be in the running

ENERGY RESOURCES &
SERVICES INCORPORATES

Net Asset Value
30th July 1982

$6.56

per share (unaudited)

STOCKHOLDERS FAR EAST
• INVESTMENTS INC.

Net Asset Value
30th July 1982

$1.63

per share (unaudited)

for orders of several hundred
buses a year from New York
and would set up a bus
assembly plant in the U.S.

Hino already has a smaH
assembly plant in Canada. It
delivered only 434 trucks last
year. Before the company
could penetrate the U.S.
market in depth, it would have
to put its engines through the
local emission control and
noise control tests.

The -Japanese company once
planned a truck assembly
plant for Europe, to be based
in Belgium where it had space
available at its parts distribu-
tion centre. But that, project
has been dropped. “There are
loo many strong. European
heavy truck, manufacturers.” ■

Last year 593 Hino heavy
trucks were registered in
Europe, 120 of them in
England. The importer and
assembler in Ireland has been
re-exporting to the U.K. a
scheme which neatly circum-
vents the arrangement whereby
the Japanese have undertaken
not to export built-up trucks of
more than 3.5 tonnes . gross
weight to the UK.

Mr Yamaguchi says Hino
does not expect the Irish com-
pany. J. Harris (Assemblers),
to expand Its sales in the UK
because market conditions are
so depressed.

For Europe as a whole, Hino
believes that sales of 600 to
1.000 trucks a year is all it can
reasonably hope for.

During the past year or so,
accvording to Mr Yamaguchi.
all the major European truck
manufacturers have sent repre-
sentatives to Japan to talk to
Hino and the other truck makes
there to establish an exchange
of information about technical
matters.

“The Japanese used to go to
European motor shows to see
what were the new. trends in
the industry. Now the tide has
turned and the Europeans want ■

4f

to know- what is happening in
Japan." .

The Europeans have been
particularly interested in
Hino's new highly-automated
engine plant at Nitta. The com-
pany produced 80,000 engines
last year of 30 different types
and the Europeans are intcr-
eted to see how' Hino turns out
small batches of mixed engines.

Mr Yamaguchi claims that
Hina has achieved high produo

tivity at Nitta by using a new
method of changing tools on the
machines, thus cutting the time
involved to one sixth of former
methods. At Nitta. one man
can look after the performance
of 10 machines.

Mr Yamaguchi says Hino's
growth potential lies in South-
East Asia (sales last year
13,673) the Middle East (5.981)
and Australia (1,948).

He insists that Hino's long-

term objective is to become -the
world’s largest heao* truck pro-
ducer in unit terms. It fafts a
long way to go to catch lip with-
Daimler-Benz, the West German
group which made 110,000
diesel-engined trucks last year.

Mr ' Yamaguchi admits
Daimler-Benz has “ a high level
of technology, a long ‘history
and a well-established sales net-
work. So it will not be easy.; Bui
one day we will do it.”

COMPANY ANNOUNCEMENT

WESTERN DEEP LEVELS LIMITED

( Incorporated in the Republic oj South Africa)

TEMPORARY SUSPENSION OF SINKING OPERATIONS
. AT No. 1 SERVICE SHAFT -

It was announced to the Press on July 13 1982 that following an inruyfr of water
from a fissure which was intersected 950 metres below the surface on July 10 1982
the sinking operations at the service shaft of Western Deep Levels No. 1 shaft
complex had been temporarily suspended. No injuries were sustained or lives
lost and 'all shaft sinking equipment was brought to the surface.

A feature article which. appeared in a recent edition of a leading Johannesburg
newspaper included. In a sub-heading, an incorrect statement to the effort that
the company's gold mine has been flooded after miners hit an underground
fissure. To allay any fears which this may have engendered in the minds of readers
of that -article, it is emphasised that the only area affected by the flooding is the
service shaft- itself of the new No. 1 shaft complex. The sinking of the main
shaft of that complex, and, more particularly, the mining operations in general
at the company's mine have not in any way been affected by the flooding of the
new service shaft.

In the report of the directors for the quarter ended June 30 1982. published on
July 23 1982, shareholders were informed that at July 19 1982 the water level in
the service shaft had reached 440 metres from surface and that it continued to rise
but at a much reduced rate.

Since then the water in the service shaft has stopped rising at a level of
approximately 400 metres from tbe surface. Work is in hand to construct a
concrete plug at the shaft bottom and dewatering of the shaft will then take place,
which in turn will permit cementation to be undertaken to seal off any further
water' inflow and to stabilise the particular section of the shaft. Meanwhile
alternative methods of overcoming the problem are being considered should this
become necessary.

It is expected that the problem will be resolved before the end of this vear and
that it will not significantly inhibit the development of the new shaft system,
which It is planned to bring into operation at tbe end of 19®.

Johannesburg . ,

August 10 1982

CORFO

fuh/1982

CORPORAOON DE FOMENTO DE LA PRODUCCION

International
Public Tender

Shares of COPEC

Compania de Petroleos de Chile S.A.

(CHILEAN PETROLEUM CO. S.A.)

The Corporation de Fomento de la Production, CORFO

(Chile’s Production Development Corporation) kindly requests
investors to submit offers for the purchase of 84,941,632
shares of Compania de Petrdfeos de Chile, S.A. (COPEC),
which represents 14.16% of the share capita! of the company,
of which 46,763,717 shares belong to CORFO and 45,763,717
belong to ENAP (Chile’s State Petroleum Company), shares
which are. under CORFO control.

Rules and Background data covering this tender are available
to inyestors, at Moneda 921, suite N° 822, Santiago, Chile
subject to. payment of a $ 5,000 fee (or US$ equivalent).
Proposals should be forwarded in a sealed envelope, in
duplicate, to: Vicepresidente.Ejecutivo, CORFO, Moneda 921
suite 825, Santiago, Chile, no later than 10.00 AM, September
27,1982..

All proposals will be opened before interested parties by
CORFO’S Secretary General, who will administer this activity.
CORFO reserves the right to accept the offer which, in their
judgement, it deems to be in their best interest, or to reject all
offers without offering explanations.

'This tender will be conducted in accordance with the faculties
granted by Law Decree 1^1068 of 1975, without being subject
to the prescription of Law N° 18045.

MINISTER EXECUTIVE VICE-PRESIDENT
CORFO SANTIAGO, CHILE

T

i

7

\

Financial Tnnes'Tuesday August ID 1982

Ceniittin ahii Markets INTL. COMPANIES & FINANCE

APPOINTMENTS

Comalco suffers sharp fall

in mid-term earnings

BY MICHAEL THOMPSON- NOEL IN SYDNEY

COMALCO, one of the big three
Australian aluminium prod-
ucers. yesterday reported a
68.3 per cent slump in net
profits for the six months to
June, ' from A$l3.52m to
A$4.28m <US$4-2m). The

figures include an extraordinary
loss of A31.4m.thls year against
a gain.of A51.4m a year earlier.

. Gross revenue for the first
half was 8.3 per cent higher
at AS364Jm, but interest
charges rose -by A58m to
A$2Q.42m.

An interim dividend of 1 cent
a share has been declared com-'
pared with 2.5 cents a year
earlier. The directors warned
that “ it will be at least as
difficult to earn profits in the
second half of 1982 as it has
been in the first half."

The Australian bauxite-
altunina-alumininmn industries
are under a cloud, with several

large-scale ' projects abandoned
or deferred. Last month. Alcoa
of Australia deferred a start
to the construction of its A$lbn
aluminium refinery at Portland,
Victoria.

Comalco said yesterday that
the primary metal inventories
of the Western world had
increased to record levels

during the first' half of 19S2,

leading to intense sales. eompe- £
tirion and a continuing weaken-
ing of international prices for
primary aluminium and

alumina. *

Though the weakening of the
Australian dollar against the
U.S. dollar had -provided a
■‘partiad buffer” against

declining aluminium prices, the
company bad been forced to
ahsorb heavy cost increases
arising from continued high
levels of inflation in Australia
and New Zealand.

Many wage increases had not

yet worked their way through
the system, and would make it
difficult for Comalco to main-
tain momentum in inter-
national marketing and new
investment, the company said.

The company warned that
total production and shipments
in 1982 would fall well short of
last year’s, because of cut-backs
in alumina production by long-
term bauxite customers in
Japan, and increased, competi-
tion from West Africa-.

Comalco’s 30 per cent owned
Queensland . alumina refinery
operated at an average of SO
per cent capacity in the six
months. Higher operating costs
and weakening _ primary
aluminium selling, prices - bad
greatly eroded returns from
metal sales from the Bell Bay
smelter in Tasmania, as well as
from the 50 per cent owned
Tiwai Point smelter in New
Zealand.

Record
results for
Tata Iron
and Steel

By ft. C Murthy in Bombay

TATA Iron and Steel Com-
pany (Tisco), the Indian
private sector's largest com-
pany ranked by assets, and its
only integrated steelmaker,
has reported record -profits
and sales for the year ended
March.

Turnover rose by 35 per
cent to Rs 7.05bn (3735.3m)
from Rs 5.2 bn a year earlier.
Pre-tax profits grew by 49 per
cent to Rs 77&5m from
Rs 520.6m and net profits
advanced by 80 per cent to
Rs 476.5m from Rs 264.6m.

China land deal hits HK shares

BY ROBERT COTTRELL IN HONG KONG

“IP I WERE standing in. front
of an express train travelling at
90 miles an hour. I’d get out of
the way, no matter how sure I
was that the train was going to
stop in time."

So spoke one recently-bid lish
Hong Kong broker after seeing
the Hang Seng index register
its sharpest daily fall in nine
months, a 79.75 point plunge
through the. 1100 barrier to close
at a two-year low of 10S9.87. The
market it may be feared, has
thrown fundamentals to the
wind and is trading on its own
erratic psychology.

Investors were already ner-
vous about whether China can
reconcile sovereignty and pros-
perity in Hong Kong when
Britain's lease on the New Terri-
tories expires in 1997. Then the
weakening exchange rate of the
local dollar against the U.S. cur-
rency (it closed yesterday at
16.25 U.S. cents) took the mar-
ket to the edge of a precipice.
A property deal with China
pushed it over. The HKSlbn

(U.S.$162m) sale -of land to the
Bank of China looks on the face
of it good news — would China,
after all, buy a piece of land if
it planned to take it over any-
way in the not so distant future?

No, said the sceptical faction,
but it is paying not much more
than half of what the site would
have fetched on the free mar-
ket. Does China know some-
thing about land values in Hong
Kong which we don't? And why
pay for it over 13 years? If the
deal is expected to help confi-
dence along, why not pay over,
say, 20. and make it- clear the
1997 New Territories lease-
expiry date is irrelevant in busi-
ness terms? * .

It is precisely because 1997 is
irrelevant in business terms,
replies the Hong Kong govern-
ment That we don't get excited
whether it is 13 years or 20
years.

To suggest that finance terms
on a bank building could help
knock HKg237m off a stock
market trading sideways yester-

day indicates the nervousness of
the Hong Kong markets.
" Ludicrously cheap,” said one
broker, taking a fundamental
view of current s.tock prices. It
is cheaper still, if one imagines
buying them in U.S. dollars,
with the Hong Kong dollar test-
ing its lowest levels against
that currency since it cut free
of sterling 10 years ago.

However, investors sold the
market down 50 points yester-
day. went off to lunch, came
back, and sold it down some
more.

The 1997 question has caught
Hong Kong with its guard down
— counterbalancing optimism is
in short supply.

Clients with fundamentally-
minded brokers are Ukely to be
encouraged into . the Hong
Kong stock market at present
levels, and justifiably so. But it
is a market now for money
which can be affordably lost.
The potential long-term gains
may be substantial. The short-
term outlook is for strong nerves
and fast movers.

Mr J. R. D. Tata, chairman,
attributed the record year to
a number of factors. First,
Tisco worked at fnU capacity
in the year producing 1.6m
tonnes of steel for sale, an
increase of 4 per cent.

Second. Tisco benefited
from a full year’s impact of
the deregulation of bar and
billet priees. Third, the
Government had allowed
higher prices on controlled
steel products. Fourth, Tisco
-received Rs 168.2m in com-
pensation from the Govern-
ment to help cover steel cost
increases in the prior two
years.

Tisco maintained its- divi-
dend at 15 per cent on capital
Increased by 40 per cent
following last year’s bonus
issue. It has recomcnded an
additional 2 per cent bonus
share issue this year to mark
its 75th anniversary.

Mr Tata is not optimistic of
repeating last year’s results.
There are no outstanding
sums from the Government
for past steeel cost escalations
and integrating the existing
steel plant with facilities such
as the new oxygen plant
In the first phase of moderni-
sation is expected to result in
a marginal fall in production.
Also, the steel market has
softened and certain cate-
gories of steel are being sold,
at a discount «

Tisco has received Govern-
ment permission in principle,
for its Rs 3bn second phase
of modernisation.

BR personnel director

- BRITISH RAILWAYS BOARD
has appointed Mr John Palette as
director of personnel at board
headquarters. He is general
manager, administration.

The director of personnel post
has' been created to assist Mr
Clifford Rosej board member for
personnel. . It was planned to
come into effect later this year,
but has been brought forward
because of the temporary absence
of Mr Rose through illness.

Industrial relations at board
headquarters is the responsibility
of Mr R..7H. Wilcox, director,
industrial relations, who will
retire ai 60 early next year. Mr
Palette will work with Mr Wilcox
to . ensure continuity. Since
January, Mr Palette has been
directing a. review of the struc-
ture of administration through
out the rail business and secur-
ing substantial reductions in its
costs. . He will continue in this
work.

★

Mr Leonard Ernest Nolan has
been elected chairman of the
STOCK EXCHANGE— northern
unit. The senior partner of
Liverpool stockbrokers, Milnes
Lumby Bustard. Mr Nolan
became a member of the then
Liverpool Slock Exchange in

INTERNATIONAL' ENERGY
BANK has promoted Mr Ronald
T. Upstone to senior vice presi-
dent

★

BRITISH GAS has appointed
Mr R. W. (Robin) Hill as chair-
man of. Scottish Gas from
August 31. He has been service
director at British Gas head-
quarters since 1977.

★

L. E. Nolan, chairman, the
Stock Exchange Northern
Unit

Mr D. A Gilchrist- is retiring
as managing director of the
NORTHERN ROCK BUILDING
SOCIETY at the end of 19S2 for
health reasons but will remain on
the board. Mr J. C. Sharp, the
present deputy chief executive,
will be appointed general
manager from October 1.

★

Mr T. F. Croxall has retired
from the board of BSP INTER-
NATIONAL FOUNDATIONS.

1948. In the intervening years
Len Nolan has held a number of
posts, indudiog the chairmanship
of NMW Computers — the com-
puter company set up to settle
Stock Exchange business.

■sir

Mr John J. Hill has been
appointed managing director of
Eric Britton and Co and Mr
Norman A. Orme joins the board
of Meldex two companies within
the textile division of WHITE-
CROFT. In the group’s building
supplies division. Mr . John
Clayton is appointed managing
director of Giddings and Dacre
and Mr lan W. Lowe becomes a
director of Rogers and Jackson.
JHr Roger C. Whitbread joins the
boards of Randalls Southern
Merchants Norlond. Mr Lcn

Honson, Mr Eamonn O'Gorman
and Mr David F. Robinson are
also appointed directors of
Norlond, and Mr David J.
Valentine joins the board of
Randalls Southern Merchants.
Mr R. Barry Carson becomes
managing director of .MeCue Dick
and Co and Mr J. Stuart Pollock
is appointed a director. In the
engineering division, Mr Keith B.
Hindle and Mr Frank -R. Heath
become directors of- Sil corns and
Mr John Hardman joins the
board of Moorlite Electrical.

' *■

The CENTRAL ELECTRICITY
BOARD has appointed Dr David
£. Jeffers a director of the trans-
mission and technical services
division with responsibility for
design. He succeeds Mr Frank
Davenport who has- joined the
Electricity Council as engineer-
ing advisor.

k

CELLTECH has appointed Mr
Hugh R. L Pcrrott as director of
finance. He was with the Thomas
Tilling Group as financial
director of the health-care sub-
sidiary InterMed.

★

Mr Edward R. Burrell has been
appointed director and general
manager, marketing of WIGGIN
ALLOYS, Hereford, part of lnco .
Alloy Products Company. He
was appointed vice-president and
general manager, marketing of
lnco Inc in 1975 and president in
19S0. Immediately prior to
the Wiggin Alloys appoint-
ment, which takes effect from
September he was seconded for
a year to Exide Corporation, a
subsidiary of In'cb EleclroEnergy
Corporation, as senior vice-presi-
dent, marketing and planning
+

Mr Dino Tron] moves to
BUENA VISTA INTER-
NATIONAL as vice-president,
continental film sales, a Walt
Disney Productions company.'

Mr Don Brown has been
appointed area general manager
of MIDLANDS BRITISH ROAD
SERVICES, and takes over the
responsibility of three branches

airs

*f th

Mr Don Brown, area general
manager. Midlands British
Road Services Limited

Lmte<
ufact
very
nut.
perk
s ha:
bur
1 an
seek

in Birmingham. He succeeds Mr
Allan McPherson who has been
promoied to managing director
of Midlands BUS.

*

Mr Peicr luce has jointed the
board of the Frizzell Group’s
specialist subsidiary NORMAN
FRIZZELL PROFESSIONAL
INDEMNITY.

The Secretary of Stale tor
Transport has appointed Air
p. E. Lazarus, Permanent Under
Secretary of State. DEPART-
MENT OF TRANSPORT, in
succession to Sir Peter Baldwin,
who will retire from the public
service in November.

★

Air Tony Lynch, company
secretary, has left the MERSEY
DOCKS AND HARBOUR COM-
PANY after 25 years service to
take a new appointment later in
the year. His successor is Mr
Bill Bowlcy a solicitor who joined
the company in 197-1.

won
lifts i

00 ei
laMn
ie poj
mnop
iium-i

, i a la

I )DE

•nevei

1 roll
'Whe
' alio
* inde]
a cert

rates
sple t
y.

ibont
tendei
't arri
iplomi
' that
jess e,
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its doi

Five Arrows Fund N.V.

Established in Curacao (Netherlands Antilles )

Notice of Special General Meeting of Shareholders
to be held on August 31, 1982'

Notice is hereby given that a Special General Meeting
of Shareholders of- Five Arrows Fund N.V. (“ the Company ”)
will be held on August 31. 19S2 at 10.00 o’clock in the
forenoon (local time), at the offices of the Company,
6 John B. Gorsiraweg, Curacao (N-A. - ), for the purpose of
“Sea - easing the authorized capital of the Company to
USDlrs 125.000.-.

' The official agenda of the meeting may be inspected by
all shareholders at the office of -the Company as well as at
the offices' of its agent banks, viz. N. M. Rothschild and Sons
Limited, London. L’Europeenne de Banque. Paris. Pierson.
HeJdring and Pierson, Amsterdam. Pierson, Heldring and
Pierson (Curacao;. Curacao, Banque Bruxelles Lambert S.A..
Brussels, Banque Privee S-A-, Geneva. Rothschild Bank A.G.,
Zurich. International Pacific Corporation, Sydney.

Holders of registered shares shall be entitled to vote at
the meeting in person or by proxy. Holders of bearer shares
shall be entitled to vote at tbe meeting on presentation of
their share certificates or of a voucher given by any of the
Company’s agent banks stating that certificates in respect
of the number of shares specified in the voucher have been
deposited with such . agent bank, and will remain in deposit
until the end of the meeting.

The Managing Director
In timis Management Company N.V.

SEK

US. $75,000,000

AB SvenskExportkredit

(Swedish Export Credit Corporation)
Floating Rate Notes due 1987
andWarrants to purchase

U.S.S112.500.000
14j% Bonds due 1990

In accordance with the provisions of the Notes,
the interest rate for the period 10th August, 1982
to 10th February, 1983 the Notes will carry an
interest rate of!3 l Vii per cent per annum.

The amount of interest payable on the
relevant interest payment date, 10th February, 1983,
will be U.S.3699.58 per U.S.$10,000 and
U.S.$69.96 per U.S.$1,000.

Agent Bank:

Morgan Guaranty Trust Company

London

77ds advertisement complies wilk the requirements of the Council ofTke Stock Exchange.

U.S. $150,000,000

Province of Saskatchewan

15% Bonds Due 1992

The following have agreed to subscribe or procure subscribers for the Bonds:

.Credit Suisse First Boston Limited

S*MB

Banqne Nationale de Paris
Orion Royal Bank limited
Society Generate de Banque S.A.

Deutsche Bank AktiengeseUschaft
. Salomon Brothers International
S. G- Warburg & Co. Ltd. Wood Gundy Limited

The issue price of the Bonds is 100 per cenL The Bonds have been admitted to the Official List by the Council oF
The Stock Exchange, subject only to the issue of the temporary Global Bond/

Interest is payable annually in arrears on 15th August, the first payment being rrikde'onl 5th August, 1983.

Full particulars of the Bonds are available in the Extel Statistical Service and may be obtained during usual business
• hours up to and including 24th August, 1982 from the brokers to the issue :

Hoare Govett Ltd. _
Heron House,
319/325 High Holbora,
London WC1V7PB

10th August,- 1982

w

RM

American Express
International Banking Corporation

London rBranch

US$35, 000, 000

Negotiable Floating Rate London Dollar
Certificates of Deposit

Maturity Date; 9th August, 19S3

Notice is hereby given pursuant to tHe provisions of the
above-mentioned Certificates of Deposit that the rate of
interest (calculated as therein provided) for the next
Interest Period (as therein defined) from 11th August 198 l
to iith February 1983 is 143 per cent per annum.

NIPPON CREDIT BANK (CURACAO) FINANCE N.V.
UJ.S50JXNMX10.

Guaranteed Floating Rate Notes Due 1990

Payment of the principal. of. and interest on. the

Notes is unconditionally and irrevocably guaranteed by

NATIONAL WESTMINSTER. BANK PLC

THE NIPPON CREDIT BANK LTD.

(Kabushiki Kalsha Nippon Seiken Shiny o Ginko)

In accordance with the provisions of the Notes and the
Reference Agency Agreement between the Nippon Credit Bank
(Curacao) Finance N.V. and Citibank. N.A., dated February 2, 1982,
notice is hereby given that the Rate of Interest has been fixed at
p.a. and that the interest payable on the relevant Interest
Payment Date, February 10, 1983, against Coupon No. 2 wilt be

U.S.S709.I7.

By: Citibank, N.A., London, Agent Bank
August TO. 1982

CITIBAN(0

THE NIPPON CREDIT BANK (CURACAO) FINANCE N.Y.

vss3a.ooo.ooo

Guaranteed - Floating Rate Notes Due 1987

Payment of the principal of, and interest on,
the. Notes is unconditionally and irrevocably guaranteed by

THE NIPPON CREDIT BANK LTD.

(Kobpsfofci Kaisha Nippon Saikcn Shittyo Ginkb)

In accordance with the provisions of the Agent Bank Agreement
between the Nippon Credit Bank (Curacao) Finance N.V. and
Citibank. NA., dated February 4. 1980. notice is hereby given that

the Rate of Interest has been fixed at \hs'« P-*- and that the

interest payable on the relevant Juteresc Payment Dace, November
W. 1982, against Coupbn No. 1 1 will be U.S. SI 66.91.

By: Citibank, M-A.,' London, Agent Bank
Aag05tKf,^982 ■ - - ‘ "

CmBAfKO

US $100,000,000

Merrill Lynch Overseas Capital N.V.

(Incorporated with limited liability in the Netherlands Antilles J

Guaranteed Floating Rate Notes due 1987

Unconditionally Guaranteed by

Merrill Lynch & Co., Inc.

In accordance with the terms and conditions of the above-mentioned
Notes and Fiscal- Agency Agreement dated as of April 15, 1981,
between Merrill Lynch Overseas Capital N.V., Merrill Lynch & Co.,
Inc., and Citibank. N.A.. notice is hereby given that the Rate of
Interest has been fixed at 121-2?; p.a. and that the interest payable
on the relevant Interest Payment Date, November ID. 1982. against
Coupon No. 6 in respect of U.S.S5.QOO nominal of rhe Notes, will
be U.5.S 165.31.

August 10. 1982

By: Citibank. NA., London. Agent Bank’

CITIBANK

7

Financial Times Tuesday August 10 1382

F.T.l
F.T. 1
F.T. I

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TECHNOLOGY

EDITED BY ALAN CANE

Ultra-high vacuum plumbing for the super chip

City of London Poly goes for
the superlattice semiconductor

m

BY DAVID FISHLOCK, SCIENCE EDITOR

A RESEARCH team in the City elements. This may be silicon,
of London has plans to .make -as in the £350,000 MBE appar-

a world-beating chip. It has
spent a decade in preparation,
raised £600.000 from such com-
panies as GEC and British Tele-

atus designed for City Poly achieved— and such devices
technic; or it may be a number need to operate at liquid
of elements which, when evap- helium temperatures, a much
orated simultaneously, deposit bigger complication for the

seconds. This is as fast as collaboration with Dr Esaki,
Josephson junctions have which will involve the deposj-
achieved— and such devices tion of layers as. thin as 100

com, and retained as ils adviser as a mono-molecular layer of a computer engineers.

achieved— and such devices tion of layers as. thin as 100

need to operate at liquid angstrom,
helium temperatures, a much -Already the group, has de-
bugger complication for the signed and built a tool which

Dr Leo Esaki, ihe Japan-bom

semiconductoring from- Dr Esaki has recently pro-

physicist who first proposed the pound such as gallium arsenide posed a still more intricate kind

Be

technique.

Within a few weeks it hopes
to take delivery of the kind of
equipment shown here, designed
by VG Scientific of East Grin-
stead, another of its sponsors.

can drill “cores" from such
monomolecular layers ohe layer
at a time, using an ion beam as

(gallium and arsenic) or alu- of supcrlattice, or "dub sand- the “bit." It then analyses' the

U

w y

>■ if

1 for Dev^opment

Electronics

minium gallium arsenide. wich” of three layers of three “core" automatically for purity.

The interest in such complex different materials, such as This instrument can pick up a
depositions lies in the hope that indium arsenide, aluminium an- one atom in Ibn of Impurity.
MBE may be able to realise the timonide and gallium antimon- But 'Dr Parker warns that it

“core" automatically for purity.
This instrument can pick up a

MBE may be able to realise the timonide and gallium antimon-
fuil theoretical potential of semi- ids. He believes it could be the

will require an immense tech-

This remarkable niece of ultra- conducting compounds, s o much basis of an ultra-fast field effect nological effort to turn MBE

« ■ r . . rtraelov t knn cilihnn i tCQlf fimiirut .LI. - — j •_»

high vacuum plumbing was de- greater than silicon itself,
signed by the research gToup Hplirarv
led by Dr Evan Parker in the ^ e,lcac y
department of physics at the The delicacy of the task of
City of London Polytechnic. growing layers only one atom
The technique they are using deep demands computer control

device.

Dr Parker's team has set up

into a super-chip and get rid
of the heat from perhaps mil-

s' three-year research project in lions of ultra-fast switches.

is called molecular beam epi- of the evaporation, 'by way of

taxy. Its aim is to build up a
semiconductor from scratch, by
depositing layers down to one

mechanical shutters carefully
timed to chop off the beam of
evaporating metal. In this way,

atom in thickness, in what Dr for example, it is proving pos-

Esaki calls a "superlattice.”
Molecular beam epitaxy

sible to deposit a layer of gal-
lium arsenide molecules,

(MBE) was developed about a followed by a layer of alumi-

decade ago, as a way of prepar-

ing an extremely pure kind of with, silicon.

jaiiium arsenide doped

semiconductor in which the
mobility of electrons might bo
extremely high. If this were

The interface between two
such layers is incredibly sharp
compared with conventional

so, the 1 superlattice could open ways of- diffusing the dopants
the way to \cry fast-switching into semiconductors,
chips, as well as far greater According to Dr Parker, the
"packing densities" for compon- work- of leading groups in MBE

ents on a chip.

—such as those at Fujitsu Lab-

Dr Parker's group was one of oratories in Japan, at the Uni-

handful worldwide

versify of Illinois, and with

pioneered MBE ten years ago. Thumson-CSF in France — sug-
More recently, the major elec- gests that such superlattice
tronics group have grown very structures, operating at cryo-
excited. after the demonstration genic temperatures, could im-
of high electron mobiLUv in prove on the performance of
superlattices by Beil Telephone silicon chips by a factor of 20 or
Laboratories team led by Dr more.

Ray Dingle in 197S. Even at liquid nitrogen tem-

LEO ESAKI laughs easily
and clearly enjoys his itin-
erant life. As a scientist with
Sony- Corporation in Tokyo,
he invented and patented the
tunnel diode, which earned a
Nobel Prize in 2973. Today
he is one of about 40 senior
research fellows with IBM,
'based at the Thomas J. Wat-
son Research Centre and
reporting both to its direc-
tor, Dr Ralph Gomory, and
to [Bill's chief scientist. Dr
Lewis Brans comb.

Esaki estimates that he
spends about 50 per cent of
his time at the Watson Re-
search Centre, where he
directs a group of a dozen;
30 per cent in his native coun-
try Japan where he is direc-

tor of IBM Japan; and the
rest consulting - with, such
groups as that of Dr Evan
Parker at the. City of London
Polytechnic.

He drops in to see the city
researchers every couple of
months, as senior visiting re-
search fellow to the physics
department.

. This - group believes he
conld be in line for a second
Nobel Prize. In 1969 he arid
Raphael Tsu proposed the
“supeflattice." a semicon-
ductor structure built up
layer by layer, each just a
single atom thick. The tech-
nology is remarkably tricky
hut the outcome could be 20
times the performance of
silicon chips.

This ultra-high vacuum system for molecular beam epitaxy was built by "V G Scientific

Esaki’s supper! a ttice could
be ihe due to the Japanese
goal of a chip with 4m gates
(the fastest today has about
0.25m). To achieve a big goal
of this kind you need to col-
laborate closely, he . says—
11 and the Japanese are
accustomed to working hi
groups. They have an extra-
ordinary capacity for foster-
ing inventions.”

Britons are very creative
but not so strong at fostering
products, he believes.

At the City of London
Polytechnic. Dr Esaki Is
counselling a team backed by
£500,000 raised from five
different organisations, trying
to turn his superlattice into
an incredibly powerful new
chip.

Dr Evan Parker, Dr Leo Esaki and Dr Richard King.

The essence of MBE is the p era lure,

evaporation in an ultra-high
vacuum of molecules of pure

^I'lUL itrxuptri diuica, tuuiu nur ▼ ▼ | - ,

prove on the performance of liOITlC teCiinOlOffV
silicon chips by a factor of 20 or tvwiiiwugjr

SUSS ‘Infotainment 5 for the silly season and future

superlattices

switching
20 pico-

Machine tools

Meggamond lathe

AFTER several months of tech- g ramming system is incor-
nical collaboration with Mon- poraled with standard equip-
diale in Belgium and Dana jnent .including an 8im
■Posidata, Meggitt Machine hydraulic chuck. hydraulic
Tools and Equipment has pro- tailstock and a six station hon-
dueed the Meggamond CNC zontal axis automatic tool
lathe. A Dana Posidata, Meggitt turret. _

Machine Tools and Equipment It costs JOLlaO. Mr B. C.
has produced the Meggamond Del low at 0202 / 46011 is the
CNC lathe. A Dana 3L pro- man to talk to. .

CONTRACTS AND TENDERS i

BY GEOFFREY CHARLISH

IT BEING the silly season,
someone, somewhere, has
invented the word “infotain-
ment'' to describe the
predicted convergence of
telephone, audio, video and
computer technology In the
home.

A whole report on toe
subject, costing £695. has
been compiled by Strategic
International In- the U.S. and 1

is available in the UK from I

Internationa] Planning Infor- i

motion of London (01-221 i

0998). i

PUBLIC NOTICES

+ ; s THE PEOPLE’S DEMOCRATIC
REPUBLIC OF ALGERIA

i MINISTRY OF HYDRAULICS

. \ HEAD OFFICE FOR HYDRAULIC
\ X INFRASTRUCTURES

OPEN NATIONAL AND INTERNATIONAL
INVITATION TO TENDER

The Ministry of Hydraulics (D.G.l.H.) is putting out an
open national and international invitation to tender for
% the execution of geological and exploration work on a
certain number of dam sites within the framework nf
detailed feasibility studies and preliminary project work.

Extent of Work;

Boring: 10 000 mi

Inssitu tests: Pressure gauge tests: 500 : Unit
Scissometric tests: 100 : Unit
S.P.T. tests: 150 : Unit
Diiatnmetric tests: 100 : Unit
Permeability tests: Lugeon 1SQ0 Unit
Lcfranc 360 Unit

Execution of exploratory shafts: 700 ml
Interested companies may obtain the 'specifications from
the MinislCre de i'Hydrauiique - Direction GPnGrale des
Infrastructures Hydrauliques - D.T.M.T. - KOUBA - ALGER.
Offers drawn up in accordance with the clauses in the file
must arrive in a sealed double envelope addressed as
follows:

Miniature de I'Hydrauiique (D.G.A.) Bureau des
Marches, B.P. 86 (ex-Grand Seminaire)

KOUBA -ALGER.

The closing date for receipt of tenders Is 7(h October 1982
at 12.00 hours.

The contractors will be hound by their offers for one
hundred and twenty (120) days.

. THE PEOPLE’S DEMOCRATIC
REPUBLIC OF ALGERIA

f MINISTRY OF HYDRAULICS
HEAD OFFICE FOR HYDRAULIC
INFRASTRUCTURES

OPEN NATIONAL AND INTERNATIONAL
INVITATION TO TENDER
The Ministry of Hydraulics (Direction Gfinerale
des Infrastructures Hydrauliques) is putting out
an open international invitation to tender relating
.to:

Design, manufacture, supply and assembly of
a lift truck.

Interested companies may obtain the file from the
Ministry nf Hydraulics (Direction Generate
des Infrastructure Hydrauliques (D.I.M.T.)
.KOUBA - ALGER).

Offers drawn up in accordance with the clauses In
the file must arrive in a sealed double envelope to
the following- address:

: Ministere de I’Hydrauiique (D.GA) Bureau
des Marches - B.P. 86 (Ex Grand Seminaire)
KOUBA - ALGER.

The closing date for receipt of tenders is 14th
October 1982 at 12.00 hours.

The contractors will be bound by their offers for
one hundred and twenty (120) days.

FINANCIAL DISPUTES
WITH IRAN

ANNOUNCEMENT BY THE
DEPARTMENT OF TRADE •

Thy Denjrtment qr Trade ll anxious
to aupmblr as soon as roiilblc
Information an outstanding daimi Kv
British companies, arising from . con-
tracts with Iranian organisations In
the Public sector (Includin'! nr irate
companies recently nationalised),
which wera not guaranteed with the
Ewort Credits Guarantee Department
(ECGD). Tile Department can give;
no guarantee that the submission of
Information will lead In due course
to the ictttrment or oevntant of a
claim: but discussion with the Iranian
authorities continues.

2. The Information should Include a
dear summary. In two conies, com-
prising- the name and address of the
British company: the name and
address of the Iranian client organisa-
tion: the woduetts) in. question: the
amount owed: the date at which It
fell due: the British and Iranian com-
panies' contract reference: and a
statement ol action alreedr taken bv
the British company to obtain satis-
faction. Readily available supporting
details mav alto be attached.

3. Should a British company be
uncertain whether an Iranian company
on which It has a claim hat been
nationalised or not. the Department
of Trade will seek dir In cation from
the Iranian authorlilas. Such uncer-
tainty should be clearly stated in tha
summary.

а. Information tiioohf be sent to:
The lean Desk. Middle East Branch.
Department of Trade, t Victoria
Street. London SW1 . Clarification can
be obtained from telephone number
01-21S 5 5a 6.

S. Claims hr British companies
•oilnst Iranian private companies
which were not guaranteed with the
ECGD: and claims bv British indivi-
duals against Iranian private com-
Atnles, ar organisation! In the Iranian
nubUc sector, should continue to be
notified to the Under Secretary of
State. - Foreign and Commonwealth
Office- Xinn Claries Street. London
SW1 A 2AH. As. with claims notified
to the Department of Trade, the
Foreign and Commonwealth Office can
give no guarantee that the submission
of Information will lead- In due course
to the settlement or payment -of a
claim

б. it is stressed that claims Insured
bv ECGD are already known ana
should not be ns- submitted.

DUNDOIIIAN FLC

PETITION FOR APPROVAL OF A

SCHEME OF ARRANGEMENT AND FOR
CONFIRM AT lOF^QF^R EDUCTION OF

MOTICd >5 HEREBY GIVEN that on
ath August 1982 Hie Court of Session.
Edinburgh, ordered that the dnpendence
of the abovt Petition be advertised and
allowed ill. parties having .an interest
therein to lodge answers with the Court
"•SI" days of such advertisement,
or all which Intimation 1 s hereby given.

BRODIES. WC

The word Itself may raise a
smile, hot what it describes
is a serious market matter
according to Strategic, which
believes (hat by 1990 a new
kind of living room unit will
have emerged.

In one console, ft will
Incorporate large screen high
resolution TV, audio receiver,
turntable, telephone, clock, a
32 bit computer, printer and
music synthesiser. There will
be slots for audio cassette,
video cassette, videodisc.

COMPANY

NOTICES

AS AH I CHEMICAL
INDUSTRY LTD.

BEARER DEPOSITARY RECEIPTS
ISSUED BY

MORGAN GUARANTY TRUST CY. OF
NEW YORK

J A diitrl button of S0.2339 pit
depositary share fen any applicable
taves will be payable on and after
July 2B. 1982 upon presentation of
Coaood. Nn. IB at ihe office of. any. of
the roll owing depositaries:

— MORGAN GUARANTY TRUST CY.
OF NEW YORK

—New York. 30. West Broadwev
— Grusaols, 35. Avenue des Arts
— London. 1. Angel Court.

—Paris. Id. Place Vamtomo
—Frankfurt. *6. Matinee LanditrasH
— BANQUE GENERALS DU LUXEM.
aoORG, rue Aidrtnoar 14. Luxem-
boorg.

Net rate-

SO 1388 (after deduction of 15%
Jaeapesn withholding tax],
so. 187 falter deduction of 2D%
Japanese withholding lex].

BAXTER/TRAVENOL
INTERNATIONAL CAPITAL
CORPORATION.

FIRST 5ERIE5 CONVERTIBLE
PREFERRED STOCK
ISSUED BY

MORGAN GUARANTY TRUST CY.

OF NW YORK

A -distribution of Dollar 0.2B bar
deposltary mhwe less- any applicable
taxes depending on Ihd* presenter's
country pf residence will be payable on-
and Otter July 22. IS 82 upon presen-
tation of Coupon No. 21 at the office
of any of Hie following depositaries:
— MORGAN GUARANTY TRUST CY.

. OF NEW YORK
— New York. So. West Broadway
■— Brussels, 35. Avenue des Arts
—London, t. Angel 11 Court '

“-Peril. 14, Place Vendome
— Fr»i,kn*rt- 48. Maimer Landstrasse
— KREDIETBANK s.a.. Boulevard
Royal 41. Luxembourg.

Winchester cartridge and
perhaps solid state holo-
graphic media.

The user will “play’’ this
machine from a remote
console with keyboard, micro-
phone. joysticks and memory/
intelligence of Its own.

The report thinks that one
of the main business opportu-
nities will he the replacement
of all storage media with opti-
cal storage and all the input/
output wiring’ with a single
broadband able. '

But, it reminds ns, the out-
look for such standardisation
is not good, althongh even
limited compatibility will help
to open up mass markets for
a variety of products and ser-
vices and offer opportunities
for companies that are not at
the moment supplying the
domestic market
Strategic predicts that In
toe U.S„ there will be 40m
home computers by 1991,
while 24m homes will be con-
nected to remote Information

services. By toe same year
there will be’ more than 30m
homes connected to cable TV
systems.

All of these households are
expected to be adding peri-
pheral units to enhance the
effectiveness of their systems,
just as people continue to add
floppy discs, modems and
printers to their home com-
puters. and video recorders to
their TV sets.

BUSINESSES WANTED

EQUIPMENT LEASING

WE WISH TO ACQUIRE FOR CASH
LEASING COMPANIES
HOLDING THEIR OWN PORTFOLIOS

• Please contact (in confidence)

A. N. Nelson, Managing Director

MCDONNELL DOUGLAS FINANCE
CORPORATION LIMITED
47 Berkeley Square, London W1X 5DB
Telephone: 01-629 0155 -Telex: 894021

From Japan

for Linear

TECHNICAL . .. T^topment ■-
Capital,: (fie Ugh : technology
venture capital offshoot of- the <
Finance for Industry grange -ft r
injecting $lm into a young U£. j
electronics corop any ' ezM

Unear Tedusology.-

The company was set up just
over a year -age to detign and

manufacture advanced linear 1
integrated circuits for ntttary
and industrial appUcations.
Unear circuits are spatial 1
silicon chqps winch have many
uses including ‘Junpkflcaitioa of -
electronic signals or converting ,
between digital and analogue ’
circuits.

The funding from TDC b in .
return for a 3.5 per cent eqmty : ■’
stake in toe company. It is put'
of a total second round of equity. *
financing .of .$4J>m . winch
includes participation . from
Olivetti and the Greyhound
Corporation.

linear technology ■ was '
founded by four former sraipr •*
employees of National Semi-
conductor. They believe that -
the semiconductor industry has
been placing too much emphasis
on microprocessor and memory
circuits at the expense of Unear
designs.

TDC says that linearic mar- .
kets in the U.S. have been
ignored by foreign suppliers, 1
particularly the Japanese and
believes that there axe oppor-
tunities for innovative com- |
panies. ■

According to TDC. the linear {
sector of the total semiconductor \
industry is growing steadily. (
By 1983 it is estimated that it
will be worth more - than
$2bn with 20 per emit com-
pounded growth for the foresee-
able future.

According to Mr Geoff Taylor.
TDC’s director and general
manager: “ In making this
investment TDC has a particular
concern for the European poten-
tial and it is envisaged that
Unear Technology will be b-*- ■
ting up a UK activity in the
medium terra.*’

ELAINE WILLIAMS

ROOF LIGHT INSULATION

T I ROCKWELL now has avail-
able a range of four vertical
machining centres from Taki-
sawa of Japan which are an ad-
dition to the existing range of
CNC lathes. Two are designed
for high speed machining of
aluminium and other non-
ferrous metals: the high torque
versions for heavy milling in
steel. Rockwell is on 01-452
0033.

For foil details phone:

Tom Allison on 0904 53651
StonebowHouse. Yode Y012NP

BASE LENDING RATES

WE SEEK TO ACQUIRE
CONTRACT HIRE
COMPANIES

Currently operating "car and van
fleets in excess of 100 units.
. Please write In the strictest
confidence to:

The Managing Director
COW1E CONTRACT HIRE LTD
Hylton. Road
Sunderland
Tel: 0783 44122

CABINET/OFFICE
FURNITURE MANUFACTURER
WANTED

HIGHLY SUCCESSFUL
AMERICAN EXECUTIVE
SEARCH COMPANY

seeks to expand into Europe by
the acquisition of a majority
or total holding in a small-
to medium-sized London-based
organisation. Able -to provide
capital and significant European-
based business.

Please send details in strict
* confidence to President
Box CM207. Financial Times
70 Cennon Street. London EC4P 4BY

OFFICE EQUIPMENT
COMPANY

CONTRACTFURNISHER

WANTED

Private oomaanv situated In N.W.
London with available casil resource*
seeks to acquire profitable business,
preferably irltA established and Stable
management, in London or Northern
Home Counties.

Contact: Mr. G. W. Svfca
. THORNTON BAKER
Tat: 01-405 8422 Telex: 28984

A.B.N. Bank lli?6

Allied Irish Bank 114%

Amro Bank

Henry Ansbacher 11

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Associates Cap. Corp- 12 %

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BCCI 114%

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Bank of Ireland

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Bank of Cyprus 111%

Bank Street Sec. Ltd. 13 %

Bank of N.S.W. 11}%

Banque Beige Ltd. ... 11 }%
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Barclays Bank .'. 11}%

Beneficial Trust Ltd. ... 12}%
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Brit. Bank of Hid. East 11}%

■ Brown Shipley 12%

Canada Perm't Trust... 12 %
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. Cedar Holdings 12 %

■ Charterhouse Japhet... 11}%

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Citibank Savings 112*%

Clydesdale Bank 114%

C. E. Coates 12}%

Comm. Bk. of N. East 11}%
Consolidated Credits... H}%

Co-operative Bank *11}%

Corinthian Secs 11*%

Grindlays Bank ...: tll}%

■ Guinness Mahon Jl*%

■ Hambros Bank li}%

Hargreave Secs. Ltd. ... 11}%
Heritable & Gen. Trust -11*%

■ Hill Samuel 511}%

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Hongkong & Shanghai 11 }%
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Lloyds Bank 11 }%

Mallinhail Limited ... 11 }%
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■ Samuel Montagu 11 }%

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Koxburghe Guarantee 12 ~ %

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Standard Chartered ...Kill's

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TCB 11}%

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■ Mam bars ol tha Accepting Housos

Committee.

’ T-day deposits 8.5V,. 1 month
Short term £8,000/12 month

Solicitors for. Dundonbn PLC

LEGAL NOTICES

MILLS fc ADAMS (SLOUGH) LIMFTK1

NOTICE 13 HEREBY GIVEN, pureuant
to Section m3 of tha Companion Act,
1948, thit a Mnatinn at tha C*«dlttra or
tha above-namsd Company wifi be hold
at The Cora Hotel, Upper Wobum
Place. London. WCi. on Wadnasdijr.
the 18th day of August 1982. at 3.30
o'clock m tha afternoon, far the
purposes mentioned in S actions 293,
294 and 295 of pie wd Act
Dated this 3rd day of August .1882.

By Order of the Board
9. C. ELPHICK. Secretary.

CLUBS

HANOVERIAN NIGHTCLUB, anil R*a_ 9
Hanover street, wi. Wlwe today's biist-
neu man can enlov on exciting and relax-
"0 evwUno. Charming and dMerwt diiK-
mg partners avails nightly g pm -2 am.
Racommondsd to ting for res. on 01-400
OZ9I. 1

KUBOTA LIMITED

EUROPEAN 'DEPOSITARY RECEIPTS

ISSUED BY

MORGAN GUARANTY TRUST CY. OF
NEW YORK

A distribution 1 of SO .233 ger daeosl-
share less any apptlcabls taxes
will be eovible on and after July 28,
- «mon orrvmtatkjn 0 r Coupon No
29 or the office or any or thB Ibi lowing
daeosltarles-

— MORGAN GUARANTY TRUST CT.
OF NEW YORK

■—New York. 30. Watt Bread way
— Brujieis. 35. Avenue dot Arts
— London. 1. Angcf Court
—i hanj, 14 . place Vendome
“Frankhirt. 46. Mslner LaRdstims
—KREDIETBANK EJL LUXEMBQUR-
GEOISE. 43. Bd Royal. Luxembourg.
Net rate:

so.2ag (eftw dedurtfoo of 16%
Japanese withholding taxi..
io.234 (after deduction of za%
Japineie withholding fcaid.

0CU INTERNATIONAL
FINANCE N.V.

OPTICAL COAtINfi

LABORATORY, ING.

The Annual Reports -of the
above companies for the' year
ending' October 3), 1981 have,
been inued and are- available
from the Secretary, 2789 1 North-
point Parkway, Santa Rosa, Cali-
fornia 95401-7397, UiA.

J. WALLY

- Secretary

1 0th August, 1982.

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Companies »d. Markets .

COMMODITIES AND AGRICUtTURE

lAI SHORT

Decline in

• •

coffee stocks
forecast

| 'WORLD coffee • slocks could
decline by some 7 per cent in
ihe business year 1982/83 to
pt.7m bags, according to a
study published _ by Cargill
Investors' Services, ' John Wicks
reports from Zurich. Exports
to consuming nations are seen
as rising from 62.9m to some
63.4m bags, while consumption
jn. producer countries could
decline slightly to about 21.2m
bags.

In its first estimates for the
1982/83 crop year, the' U.S.
Department of Agriculture has
already forecast a 19 per cent
drop .in world production to
about 50.8m bags.

• SEVENTH Coffee Inter-
national Symposium and Trade
Fair will be held in .Montreux
from October 3-6. Sr Alexandre
Beltrao, Executive Director of
the International Coffee
Organisation will speak on
coffee quota, allocations and
their likely impact on producers
and consumers.

• THAI rubber exports in June
fell .from 33,545 tonnes in May
to 24,625 tonnes. This compares
with 28,519 tonnes in Jane 1981.

• TANZANIAN agriculture
ministry is raising producer
prices for coffee, green tea.
sugar cane and cocoa by
between 9 per cent and 33 per
cent i mme diately.

• CHICAGO Mercantile
Exchange recorded its second
highest trading volume last
months’ total to l£L238iri con-
traded. The all-time recoil was
in June, with 3.122m contracts.

• ACU INTERNATIONAL
have announced the formation
of a new commodity trading
company, Wardley/ACLI com-
modities, in partnership with
Wardley Group, a wholly owned
subsidiary of Hongkong and
Shanghai Banking. The new
company offers a range of
brokerage and other investment
services in Hong Kong and the
Asia Pacific region. . -

• BOM% scare in a building
adjoining Plantation House
yesterday suspended trading in
gold futures and delayed
robusta coffee futures opening.
Trading on the London Metal.
Exchange was not affected,
although T.ME offices were
evacuated.

U.S. gloom hits copper

BY JOHN EDWARDS. COMMODITIES EDITOR

! COPPER PRICES fell sharply
I on the London Metal Exchange
1 yesterday as . a Wave of
pessimism about the outlook for
the U.S. economy triggered off
heavy. speculative selling.
Higher-grade cash copper closed
£36 down at ' £809.5 a tonne— a
loss of £70 in the past fortnight.

Traders reported : that the
decline was' slowed down by
some trade buying interest at
the lower levels, and the fall in
the value of sterling.. But these
were overwhelmed by specula-
tive selling, especially- from
New York where the downturn
started 1 on- Friday evening
following the gloomy ' news
about the state of U.S. industry
and the latest money supply
figures suggesting that interest
rates may well rise, rather than
continue to fall.

Aiding the downturn was«the
decline in gold, and a move
by Asarco to slash its domestic
selling price for copper by 4
cents to 68 cents a fb. Virtually
ignored by the market was a
Reuter report from Montreal
that talks, aimed at ending the

strike -at Noranda's Canadian
Copper-Refinery had reached an
impasse over wages. Workers
at the arefinery have been on
strike since May 1. '

The fall in copper and gold
brought an easier trend in other
metal markets, in spite of the
upward pressure on London
prices exerted by the .strength
of the dollar against the pound.
Lead was additionally
depressed by Asarco cutting its
domestic U.S. selling price by
another 2 cents- to 24 cents a lb
making . the second ; 2 ' cent
reduction this month.

. However the biggest fall
came in tin- The cash prices,
closed £247.5 lower at £6,877-5
a tonne reversing the strong up
. ward trend during -the past
two keeks. Traders claimed that
covering of previous ■ “ short "
(sale} positions had now been
completed and : the market
lacked buying interest.

At the same time the cash
price remains at a premium
over the three months quota-
aip jo aitsap am itrfpagaj *uon
International Tin Council buffer

stock to push up cash tin in
London closer to the Straits tin
price in Penang (equivalent at
current exchange rates to
around £7,500 a tonne).'

The Internationa] Tin Coun-
cil held a special meeting yes-
terday to consider the U.S.. re-
action in last Week’s talks ... in
Washington seeking a halt to
sales of surplus stockpile - tin.
The buffer .stock manager
claimed the trip was a success
in spite of the reported re-
fusal of the U.S. to suspend
sales.

Tin stocks' held ih LME ware-
houses fell last week by 420
tonnes reducing total holdings
to 40,225 tonnes. The rest' all
rose marginally. Copper stocks
Were up by 25 to .144,650 ton-
nes; lead by 25 to 114.600; zinc
by 150 to 69,300; aluminium bv
25 to 213,150; nickel by , 48. to
1.386 tonnes, and silver holdings
by 120,000 to 36,750,000 troy-
ounces. On the London gold
futures market stocks in ap-
proved vaults rose after the first
week of spot trading by .34,292
ounces to a total of 116,795 fine
ounces.

Philippines sugar output to rise

BY OUR MANILA CORRESPONDENT

PHILIPPINES’ sugar produc-
tion for the crop year 1981-82
is expected to be 3 per cent up
on last season's 2.31m tonnes,
according to the Private Devel-
opment Corporation ■ o£ • the
Philippines (PDCP).

PDCP, : one of the country^
largest companies, which is
engaged in development financ-
ing as. well as acting as an
investment house, maintains
that the increased production is
important in view of the
increased export quota recently-
granted to the Philippines by
the International Sugar Organi-
sation (ISO).

The new quota will allow the
Philippines to increase its
exports from 1.75m tonnes in
1981 to l.S9m tonnes in 1982.
Sugar exports in 1981 were esti-
mated at 1.24m tonnes raw
.value, compared to 1.79m in
1980. The drop was attributed
to falling sugar inventories.

Onr commodities staff adds:
World raw sugar prices fell
slightly yesterday on the Lon-

don futures market with the
January position closing at
£116.50 per tonne down £0.50
Dealers, attributed the fall to
the latest beet test results
from Europe. These, from both
France and West . Germany,
indicate that higher yields are
to be expected from this year's
crop in both countries. This
bearish fundamental was par-
tially off-set by the weakness
of thfr x pound against the

dollar.

Yesterday morning the Lon-
don daily price for -raws was
set £1 down at £105 per tonne
and the price for whites was
down £3 at £122 per tonne. ;
This narrowing of the pre-
mium for whites over raws, 1
caused primarily by the start i
of the EEC new series releases',
brings the white daily price
down to its lowest level since
September 1979.

Zimbabwe industry at risk

FALLING WORLD prices are
pushing Zimbabwe's * sugar
industry into -the red, the
country’s largest producer
claimed yesterday.

With export prices now barely
covering 60 per cent of the cost
of production, significant losses
are also being incurred on
domestic sales.

In its annual report Hippo
Valley, producer of 242,000
tonnes of Zimbabwe's 380,000-
tonne sugar crop, says that it

will lose Z$6m (£4.5m) in
the current year. This com-
pares with a profit of Z$7.9m
last year to March. 1982, and
-almost three times fhi-a amount
in the previous year.

Although total exports will be
185,000 tonnes, low world prices
will see a fall in the country's
foreign exchange earnings.
Officials were hopeful of an
increase in sales to the U.S.
being negotiated by the govern-
ment!

Cash boost
for Jamaica
bananas

By Canute. James in Kingston

THE JAMAICAN government
is putting $30m into the
island's banana industry in an
effort to rebuild exports to
the UK. The Commonwealth
Development' Corporation ‘ is-
providing 51 5m with the re-
mainder coming. -from- gov-
ernment funds, and froa :
United Brands of the U-S.'

Up to three years ago,
Jamaica' provided about 25
per cent of all : British Im-
ports, hut following a hurri-'
cane in the summer, of 1980,
exports fell • from about.
70,000' tonnes per year - to

20,000 last year. Mr Perciyal
Broderick, the agricultural
minister, has spoken of rais-
ing exports to 150,000 tonnes
United Brands has been
asked by the government ip
improve the quality of the
fruit exported to Britain.
Jamaican bananas have ae- '
paired a reputation for being
of poor quality, and the re-
building of exports is thought
in tbe industry here to be
very difficult as better
quality Latin American fruit
have taken over Jamaica's
share of the market.

Potato planting
target attacked

By Our Commodities Staff

THE POTATOE Marketing
Board's announcement- last
week that it had reduced Its
planting target for 1983 has
surprised and disappointed the
UK potato processing industry.

This year’s target of

163.000 hectares is already too
low according to the Potato
Processors' Association and the
PMB’s decision to cut the
figure to 161,000 hectares next
year was “a great disappoint-
ment.”

The crispers. dehydrators and
frozen and chilled chip manu-
facturers who /nake up tbe As-
sociation together take more
than 20 per cent of the UK
crop. 1 • ' - ‘

“ We were looking-for an in-
crease in the target area.” - its
chairman, Mr Richard Harris,
said yesterday. ■

TROPICAL TIMBER

Painful dilemma
for Sabah

THE- .REGENT collapse in
world' timber- prices has put
tjie Sabah- - government - in a
paiqfuil dilemma.

Sabah is second only to
Indonesia as = a source of
tropical timber. The decision
by both ' Indonesia -and the
Philippines to ban exports of
unsawn ’ timber has given
Sabah an even more con-
spicuous role.

'• Timber is critically impor-
tant to Sabah. As well ’ it
accounts for over 40 per cent of
the state’s export earnings in
1981, and over 60 per cent of
state revenues. Until recently,
timber licences were used as
the. primary form of political
patronage, and were the pass-
port to wealth for the lucky
few.

Today, prospects look rather
different. ‘ Unsawn timber, 70
per cent- of which goes to
Japan, has fallen- in price to
5105 per cubic metre, less than
half the price of a year ago.
A slate government royalty of
about 50 per cent means that
most Joggers in the state’s
interior are operating at loss—
and that timber exporters
from the U.S. and the Soviet
Union edn deeply undercut
Sabah’s prices.

The slump in timber prices
is blamed on the world reces-
sion in general and to stagna-
tion in the U.S. house-building
market in particular. The U.S.
slump has turned -that country
from a net importer of timber
into a substantial exporter,
further aggravating the fall in
world prices.

Now the Sabah Government
has to decide whether it should
try to maintain earnings from
timber exports by encouraging
the sale of unsawn logs, even
though this undermines efforts
to establish timber processing
industries in Sabah itself, and
dilutes the efforts of Indonesia
and the Philippines to do the
same. The export bans are an
attempt to force the main log
importers — Japan, Korea and
Taiwan — to set up timber pro-
cessing plants in the exporting

BY DAVID DODWfiLL

couutrjes. The alternative
would be for Sabah to cut back
exports in solidarity with Indo-
nesia and the Philippines, and
suffer the hardship which the
cut in sales would entail.

At present it seems Sabah
is trying to get the best of both
worlds. It is formally committed
to cutting back log exports,
increasing the export of pro-
cessed ’ timber products, and
extensive reforestation. Bui
recent statistics show that log
exports are substantially up.
After rising 6 per cent between
1980-81 to 8.7m cu metres, the
trend for the first four months
of 1982 implies a further 45 per
cent leap. Exports in the four
months to the eDd of April
amounted to almost 2.8m cu
metres, compared with 1.9m
cu metres in the same period
last year.

Datuk Harris Saleh, tbe state's
chief minister, challenged
critics recently by claiming that
the increase was not at odds
with his commitment to cutting
exports to 6.5m cu m this year.
Land clearance, he said, was
putting extra logs on the market
strictly over the short term.
Replanting of forest areas also
meant clearance of old logs,
adding to export volume.

But his case seems more than
•thin. An editorial in tbe local
daily said on Tuesday: “With
limber still the undisputed life-
line of the state, and likely to
be so for a long while yet, we
have little choice (but to lift
exports) if the hectic tempo of
development launched half - a
decade ago is to be sustained.
This is notwithstanding the
onset of recession. with
plummeting timber prices.**

For all that, the efforts of
the Sabah government to
establish timber processing
industries, and to reduce
dependence on timber, have
been notable.

In 1976, unsawn - logs
accounted for 54 per cent of the
state’s M$22bn exports. By 1981.
this bad fallen to 38. per cent
of exports worth M$4.4bn. Crude

oil exports, worth just M 5585m
in 1976, have filled the breach,
trebling in value to M$1.57ba
last year. - : ’•

Sawn timber products, which
include plywood arid veneers;
have leapt from nothing in 1976
to account for M$134ra last year,
Figures for the first four
months of this year show a
further 77 per cent increase,
with export earnings rising to
M$53m. Export volume for the
period to April amounted to

15S,000 cu m — 68 per cent dp
on the same period in 1981:

Mr Majid Kahn, chairman -of
Sabah's Timber Exporters'
Association, forecast that by
1990. just 30 per cent of state
revenues will come from
timber. A further 30 per cen.t
wUi come from gas. 30 per cent
from agriculture and tbe rest
from industry.

“ By then,” he said, “we
should be more safely diversi-
fied. But for the next 10 years,
we will remain extremely
vulnerable to fluctuations in. the
world price of timber.” .. ...

Shell in NZ
forestry deal

By Dai Hayward in Wellington .

SHELL OIL is joining- New
Zealand Forest Produets-7-the
country's largest forestry opera-
tor — in a multi-m ill ion-doll a r
long-term forestry development.'

It will involve initially plant-
ing 75,000 acres with radiata
pine in the northern cart of
New Zealand. The Initial land
purchase and planting costs will
be SNZ 70m. Later the consor-
tium is prepared to invest
** hundreds of millions of
dollars " for back-up industries.

Mr Bob Broughton. Shell's
managing director, said: “My
company wants to invest signifi-
cant amounts, in New z;ekland
over the next 30 years. We see
excellent long-term opportuni-
ties in export-orientated : pro-
jects.”

ERMOGL — -

A

ATES

-k^ sr

; 00

LONDON OIL
SPOT PRICES

'[Change

'+ or.-

CRUDE OfLA FOB (fpar barrel)

Arabian Light. B135 j —

Iranian Light. •2O.0O-3D.25,— 0.20

Arabian Heavy. £®-®S |2-!5 + 2-?!j

North Sea (Portia*).. 32.35-32.Mp-0.lO
Africarrt Bonny U’ht>33.5O-35.6[),+0.03

PRODUCTS- North Waat Europe

CIF (6 par totipa)

Premium ga*ollne_.;327-330 J —3.0

Oat oil ‘8B1-285 +1.3

Heavy fuel oil. ,152-153 1 •—

GOLD MARKETS

Gold fell S10 an ounce from
Friday's close in the London
bullion market yesterday to
finish at $336-337. The metal
opened at S335i-336J, its low for
the day and touched a best level
of $3381-339. The softer trend
was due mainly to a rise in U.S.
Interest rates and the dollar’s
sharp rise.

In Frankfurt the 121 kilo bar
was fixed at DM 27,575 per kilo
(S33S.98 per ounce) against
DM 28,020 (S348.0) previously
and closed at $335J-33Qi from
$345-346.

In Luxembourg the dollar per
ounce equivalent of tbe 12} kilo
bar at the fixing was $337.75 from
$346.25.

In Paris the 12fr kilo bar was

GAS OIL FUTURES

Weakness in (ha European currencias
lad re a lower opening and a turihar
fall in prices before support came into
ffra marker. Prices si eadiad again, to
reflect buying interest on Iho phWiCJl
market, and closed .near The highs,
reports Premier Man. '

i Ye **' da » I + or " ! BusInaaiT
M<,ntl1 1 does - Done

” 1 * U.S. I

Por tonne] •,

August 290.25 + 1 J0S92J0-MJ0

Sept.— 285.25 ■+ 2.76283X5-79.50

Oct- 287.00 +2JM:Sa7J0-n.M

Mov 288.50 +Z.7SI288JS-U.7S

Deo 289.60 + 2.75|26B.50-BM0

Jan... 289.50 +3.60 —

Feb 289.50 —0.60 —

March 289.50 -1JW: -

April ■ 287.00 — 2,60i -

Turnover: 1.432 (2.03: ) lot a of 103
tonnes.

fixed at FFr 75,700 per kilo
< $334.80 per ounce! in the after-
noon compared with FFr 75,700
($334.68) in the morning and
FFr77,000 ($343,361 on Friday.

In Zurich gold finished at $335-
33S (S 343 -346). ■

LONDON FUTURES

~T,„ -H Y«irt''rdsyir+or , Business -

Momn _ doae | — ; Done

, ; 1 —

;£ per troy , !

t ounce .

August '.lB7.5Q-8JiQi-S.75 -188.70

Sept 1 mb’ .199,00-0 JW r !L40 bflQ.2M.40
October...i20X.«-J.6Q -S.47 teol.50-2.70
N©vember|2Q2.75-3.60 -5.28 205.70
Deoambar:205.20-6.50 -8.90 285.40
January.... 807 JX>-7JD I -!L£25 —

February. ; 809.0G-1Q.SI-1.K5l -

■ Turnover: 172 (258) lots ol 100 troy

BRITISH COMMODITY MARKET

AMERICAN MARKETS

BASE METALS

BASE METAL prices opened sharply
lower cn the London Metal Exchange
■n lilts with Friday's closing New York
levels, and continued to fall. The
declines were offset to some extent
by the weakness of starling. Copper
was finally £822.5. after a low of £816.
Tin fell to £6. BOO. Lad to £306.5.
Zinc to £414, Aluminium to £569 and
Nickel to £2.825.

” j *-m. + or] p.m. ; + or

COPPER \ Official - J Unofflolalj -f

. £ \~\ £ £

KlghGrde .

Cash 8212-2 {-27.2* 809-10 -36

3 tilths 831.6-2--26 820-1 -SB. 2

Settlsmt 822 1-27 | —

Cathodes i

Cash™ 792-4 LzB-Sl 785-6 -M.5

3 months 813-.6 f-262; 802-3 1-34

Settlegi't 794 k2B ; - I ......

U.S. Prod. — . ! — \ *70-75 I —

Amalgamated Metal Trading reported
that in the morning higher-grade cash
cooper traded at £821 .00: three months
£838.00. 37.00. 35.00. 34.00. 33.00.

27.00. 28.00. 29.00, 30.00. 31.00. 32.00.
Cathodes: Three months £812-0 0 Kerb:
Highter Grade three months £830.50,
30. 29. 38.5. Afternoon: Higher Grade
three months £826.00. 25.50, 25.00.

24.00. 24.50. 24.00; 23.00. 24.00. 24.50.
24.50. 25.00. 22.00, 22.50. 23.00. 22.50.

22.00. 21 00. 21.50. 21.00. Kerb: Higher
Grade three months £819.00. 18.5. 18.
16. 18, 19. 0. 21, 20.5, 20. 21. 22. 23.
Turnover: 32.975 tonnes.

SILVER

Silver was fixed IIJp an ounce lower
for spot delivery in the London bul-
lion market yesterday at-337.8p. U.S.
cent equivalents of tha fixing levels
spot B57.5c down 24.5c semi three-
month 678.3c. down 24.2c: six-month
707.3c, down 25.2c; and 12-momh
745.0C. down 24.3e. The metal opened
at 389-391 p (658 -662c) and closed at
379-382p ( 643 -647c) .

SILVER Bullion -
par fixing
troy oz. prise

Spot. 3 87. BO p -

-SB, 2 3 month *J398.30p ^-11.2 388.7!

...... 6 month *^408 .30p kll.fl —

13months.428.30p I-1I.0I -

99.00. E, Midi. 99.50. N. East 98.70.
Scotland . 102.40.

RUBBER

The 'London physical' market opened
about unchanged and was very quiet
throughout the day. closing dull. Lewis
and Peat recorded an August Fob price
for No. 1 ftSS in Kuala Lumpur of
198.25 (199.0) cants a kg and SMR 20
171.50 (172.5).

No. 1 Yast'r'ys | Previous Business
R.5LS. oloas dose Dono

L.M.E. + or R.JLS. close I dose Dono

p.m. ! — 1 1

Unoffle'l j • I ■ !

-r-r Sept -. B1.0M1.BB: 61-OMUOI —

3B8*75n 12 °CL 51.7MLM 61.60-5150 . -

aoa./ap -8IJ Oct-Deej 62.7M2.flD: B2.80-B2JOi5BJ»-52.70

X3months. 428.30p (-1
LME — Turnover 90

Jen-Mari B6l2M5.M tt.BM6.4P;66.IMS.»
Apl -Jno B7.9D-B8.O0, B7.90-6B.M,BB.0M7.M
Jly-Septj 60.6Mfl.7Q! BO.flD.tt.TD 60.70

i a.m.

+or

TIN j Official

Unofficial

-t

£

£

£

Cash 7030-48 — 4B

6866-300

-247

S monthsl 6980-90

-60

6800-50

— 2M

Settlsm'tJ 7045

—46

—

Standard

Cash 7035-45

-45

£855-900

—247

3 monthsl 8980-90

— 60

6800-90

-26U

Settiemt) 7045

—4b

Straits EJ 829.15
NewYork 1 —

Gold Bullion (fine ounce)

Close 1336-537 <£198U-198S4>

Opening -S33aiiJ56i« ssttiss

Morning fbc(ng._.l*337.75 l£ NSS tb 8
Afternoon flxlng.:B336.00 (£198.441) 15344.76

Gold Colrvs-Aug. 9

KrtRHTKf 1S46U-347 (£204V204}«> )KIng Sov S84

i^Crufl SI7Si£.179ti (£106 «4 105*) VtctorieSov S84

l. Krug *91 92 (£535a-54U) French 20s *75

1/lflKruO *37-38 <£213s-82i*i ■ IBOpsOsMaX. -48.

fctapIcUw, 1346 J. -34714 (£204^-20+54) iiSJJ £ 0r j J^ ,St ««

Now Sov *80 -80 is f£47M-471»> [*20 Eagles 538

(£202-202 1 S )
(£202-2021$)
.(£202.636)
(£201.490)

S 84 1^-86 (£50-51)

S841f-86 (£50-51)

S73J»-76 <£43-13-443,)

Sffl9.«l31s (S24H4JS45SJ)
532014 -5293* 13413)

5386-391 (£22713-23(113)

US. COMMODITY HOUSE
NOW INTERVIEWING
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COMPANY NOTICE

UNILEVER N.V.

• ’P'«?b U.S.S10C MILLION
BOND LOAN 197911987

U-S. STOP MILLION

BOND LOAN 1980' 198611 990

Report Of the Trustee over the hnan-
cial year 1981 « avai^Wc
holders- with Midland Bank Ltd. fiO.
GracediurcJi Street, L{>n “ 0 "
and with the dhees of
Ntntwe 2I| 8« voorourswal 32frTM.
1012 RW AMSTERDAM. The Nether-

-' alKls - The Trustee

NEDERLANOSCHE TRUST-
MAATSCHAPPU B.V.

Amsterdam. •

-4th Auou: 1982.

ART GALLERIES

OF ART. kton.-Frl. 1Q-J.

. W +£* 1( ^ d ^Ti?8 c 3 r r 7 u s gf:

(Second showinsl- ' ' — - .

die tVlhUIDN CHURCHIU. Cxhlblttonof

ar.^ 17

Kry V

mines and' Pa.rninps or Ships moocu.

. WHITECHAPEL ART CALLER V. El . 377

OTP77tS* AJdoate Ew. To tot .SIR
CHRISTOPHER WREN. Sun.-Frl. 11-5-50.
Thuri. to 7.50. cl. 5a t- *29 * SO Abb.
AdnUmpn £i iSOoj free children * Mwi-
. da»s 2-S^Q — - - .

! £ • !'£ I £ £

Spot S58.W.5:+lJ5' 552-3

3 monthSj 671. W |+2.25, S71.S4 +IJB

Aiuminium — Morning: Three monlha
I £573.00. 74 00. 73.00. 72.00. 71.60.
Kerb: Three months £572.00, 72.50.
72.00. Afternoon: Three months
£472.00. 71.50. 72.00. 71.00. 71.60.
Kerb: Three-months £572.00. 71. 70, 69.
Turnover, 13,850 tonnes.

NICKEL a-m. H- or\ p.m. H- or
Official — (Unofficial I -1

Spot 2680-5 !— 22.5 2370-5 -2.6

amonths 283MSH4<LSa88W0 -2S

I I

Nickel— Morning: Three months

££.840, 45. 50. 45.. Kerb: Three months
£2.845. Aiterhoon: Three months
£2,830. 2S, 30. Kerb: Three months.
£2,830.' Turnover. 210'ionnet.

• Cents per pound, t MS per kilo,
t On previous unofficial close.

10,000 oza. Morning: Cash 387.5. Three JT

months 398.0, 98.5. 99.0, 98.5. Kerb: i' n / , * eh

Three months 397.0. Apignaij».1fl-6I.50[J7. 70-Bj _ -

months 398.0, 98.5. 99.0, 98.5. Kerb:
Three months 397.0.

Afrarndan: Cash untraded three
months 391.5. 89.0. 88.5. 89.0. 89.5.
88.5. Kerb: Three months 390.5, 913).

COCOA

Light commission house selling in
thin conditions at the opening caused
futures to weaken iSp but trade house
support Ister steadied prices as the

earlier gains were pared. Producers
remained withdrawn but manufacturer
price-fixing was . evident at the lows,
reports Gill end DuKus.

.Yersterday's ‘

COCOA 1 Close >+ or .Business

| ! — Done

i£ par tonne' ! •

Sept I 879-80 1—2.0 I 880-68

Dec.. 919-20 ,-3.0 921-08

Sales: 148 .(155) lots or- IS 'tonnes,
nil (same) lots of. 5 tonnes.

Physical closing prices (buyers)
were: • Spot 49.75p (50.00p): Sept

5l.00p (same): Oct 51.25p (same).

SOYABEAN MEAL

The market opened around 50 p towor
in ’ quiet conditions, reports T. G.
Roddick. Prices drifted m mixed sell-
ing establishing new contract lows
and mark el. closed with ■ losses or
around £2.50 to £1.00:

Yqsterdys 1 +or . Business

PRICE CHANGES

In tonnes unless otherwise stated.

~ ' i

Aug. 9 + or | Month

1982 I — ago

Metals > i

Aluminium l£810i815; £810(816

FreeMkt. ,5330/980 L 18960/980

Copper. j ! !

Cash h grade. j£8og.5 :-36 £829

3 mthe -J8820.6 ‘-85^6 £841.75

Cash Oathodo_p7 85.5 — B4.B£815

3 mths. £802.5 -34 l£829.5

Gold troy oz ... 8336.5 —10 S343

Lead Cash 1*298.25 -6^6 £323.75

3 mthe.- *308.73 — S £534.76

Nickel £4025 |_ £4080

Free mkt. 230i260r ,2S5/266 c

:— 36 £829
SSS6 £841.75
— I4.B£815
-34 l£829.5
-10 U343

NEW YORK. August 9.
Copper— Aug 56.10 (60.60). Sept

58.50- 58.75 (61 10). Oct 59.25. Dec

60.50- 60.80. Jan 60.80-61 .OC. March

62.50- 62.70. May 64.00. July 65.20. Sept
66.50, Dec 68.50. Jan 69.20. March
70.60. May 72.00.

Potato as (round whites! — Nov 67.8-
68.0 (69.3). Feb 88.0-68.2 (69.5). March
76.5-77.8, April 88.8. •

Super — No. 11; Sept 7.26-7.38 (7.371.
Oct 7.44-7 49 (7.54). Jan 8.00. Mirch
8.64-8.65. Mev 8.894.90. July 9-12-9.14,
Sept 9.45-9.55, Oct 9.50-9.65/ . Sales:
7.276 (3.60ft.

Tin— S42.0u-545.00 (582.00-565.00).

CHICAGO. August 9. •
Lercl— Chlcaao loon* 34.25 (samel.
Live Cattle — Aug 65.97-ffi.95 (65.35),
Oct 64.35-64.25 (64.36). Dec 64.40-
64.30, April 62.12. June 62.75. Aug
82.00.

Pork Bellies— Auo 8.80-83.33 (89.73)=.
Fab 75.4D-7S.40 (73.40). March 74.62.
May 71.85. July 69.85. Aug 68.40. . .

tSoyebeans— Aug 5961* (592). Sept
578-577*, J534L1. Nov 5B3i,-M3. Jan
538*,. March 615*,. May 623. July 642.
Aug 645.

J! Soyabean Meal— Aug 170.2 (171.7).
SepT. 188.8-168 5 (170.3). Oct 168 8.
Dec 173.5-173.3. Jan 176.4. Msrih
1810-181.5. Mav 185.5. July 190.0-
190.5. Aug 190 0-190.5. I

Soyabean Oil — Aug 17.35-17 36
(17.65). Sept 17.42-17.43 (17.74). Oct
17.57-17.54. Dee 17.91-17.90. Jan
18.18. March 18.60. May 19.01-18.96,
July 19.30-19.31.

tWheef— Sept 337-337*, (342 J ,l, Dec
359>,-35W, (366\|). March 379V379)

May 386, July 384.

All cents per pound ex-warehouse
unless otherwise stated.: * $ per troy

puttin’mtr nr'vfPRn I (ram Liwa H °0» — A u0 62.55-62.65 (63.02), All cents por pound ex-warehouse

Keemht. £157 80 -8AE, "[£169 90 59.15-59.30 (60.42). Dec 57.83- unless otherwise stated.: .*5 per troy

OulcKallverf'... 8355(385 ..... (6580(570 S7.B5. Feb 5.00, April 50.20-50^5, June ounce. ? Cents per troy - ounce;

Silver troy oz" 367.80b -ii JD 363 46p 51 .25-51 .00. July 51.25-51.03, Aug 49.10. it Cents per 56-lb bushel. t Cents

3 mths 39B.30p -11£D374.35p itMeize — Sept 239»4-239 i , 1242). Dec per 60-lb bushel. I| S per short ton

Tin Cash >£6877.8 l-2«75'£6670 245V245** (246S). March 261V261’., 12.000 lb). $ SCan. per metric ton.

Tin Cash >£6877.8 |-2<7i>£6670 245>«-?45 , « (248S). March 2S1V2&1 3 *. 12.000 lb). S SCan. por metric ton.

.3 mths [£6826 !— 260X6802.5 May 271V272. July 278 1 * Sept 279*,- 5S S pot 1.000 sq It- i Cents per

TungstenI2.0lblK114.83 I [5109.48 280. dozen, ff S per metric ton.

Woffrm 22.4l0bsiK104il0B

I

Dec. eae-ieu ~a.u j wi-w

March 949-60 -4.0 955-43

M«y_.w 968-69 —5.5 975-64

'July- 990-91 -8.5 983-88

Sept__ J 1009-10 ~5JJ 11012-06

Dee, .1 1028-34 —2 j

Seles: 1.46B (1040) lots of 10
tonnes.

ICCO— Daily price far Aug 9: 67.81
(88.79). Indicator price lor Aug 10:
68.91 (69.36).

COFFEE

Further long liquidation in Septem-
ber prompted a weaker opening,
reports Dreicel Burnham Lambert,
despite s 2 cant loss in sterling.
Pnces drilled lower in thin volume.
Trade buying erased lasses but con-
tinued pressure in neerbys end easier
levels created a return 'to the lows.

Year day a ,- + or Business"

949-60 -4.0
968-69 -5.5
990-91 -9.5

Tin — Morning: Standard cash £7040:
three months £7100. 70, 70, 60. 20.
7000. Kerb: Standard three months
£6820, 6760. 70. 80. ETAOIN

£6820, 6760. 70. 80. Turnover: 1.780
tonnes.

_ | sum. it- on t,.rn. -t or

LEAD | Official — lUnqffleltf' — t

. £ • £ I £ , £

Cash 299.W50-6.5i 298-.5 .-6.2B

3 months! 310..6 .-6 1308.5-9 -B
Settfem't 1 300 <-6.5! . —

U.S. Spot — , *28-8 I

Lead — Morning: Cash £300.00. 239.50.
three months £311.00. 10.00, 11.00,

10.50. 10.00. 10.50. Kerb: Three

months £310.00. Afternoon; Three
months £309.00. 08.50. 08.00. 07.00.
08.00. 07.50. 08.00. 09.C0 Kerb:

Three months £307.00. Turnover. 7.850
tonnes.

aum. H-or pm -for
ZINC Offiolal • — ^Unofficial — f

■» £ £ £ F"

Cash....... 411.5-2 ‘-.5 403.6-6.5 -IS,

3 monthsj417.7S-8 -.876 412.5-5 (-8.75
ffrntmt... 412 ’— .5 — -....

Pr1mw*tal - 1 1 37-40.5 I

Zinc— Morning: Three months

£417.50. 17.75. Kerb: Three months
£413.00. Afternoon: Three months
£416, 15.5. 15. 15.5. 16. 15.5. 15.
'14.5, 14, 13. 14. 13.5. 13. 12. Ksrb:
Three months £412.00. 12.5. 13. 13.6.
14. Turnover. 7,100 tonnes.

1— ~j |

Alumlnm a-m. |+or. p.m. +or
Official — Unofficial —I

Close 1 ' — Done

£ ■ ;

per tonne' 1

124J)fl-2B.O +0.10 126.00 ■

October

122.60-25.3 -2.20 124.40-25.60

Dec

128,10-28.2 —1.20 123JJ0-27J0

Feb

U1A0-31J— WII • 132JJ0-51.60

April

7 J2.0042.4 — 1S2.7QS2.S0

June

1 22 JU -54.5— 1^6 —

August.

155.60-3S.S-1.H —

Woffrm 22.4lflbslB104.10B BUB-116

Zinc Cash |£406 -7.5 £431.5

8 mths '£413.75 -6.7&:£432.5

Producers. ...j>800 j 5800

Oils

Coconut (Phli) IS420X B487.5

Groundnut.,....- : ;; 8657.5

Linseed Crude! . : £353

Palm Malayan iB395yt ! '5422.5

Seed* ' I

Copra Ph lip... iS285x L... S315

Soyabean IUAJ,5247£5 h-UB'WWS
Grains I

BarieyFut. Nov^l09.10 +0.20X108^0

Maize .:... = 2136.00

Wheat FutNDv £114.08 +0J35X113.80
NouSHardWIntj - 2 / J

Other '

commodities
Cocoa Sfllp't 1 (£926
Future D*cX»25.5

EUROPEAN MARKETS

1 Mi e ?3 245) * tots l of ta 50°m'nn^s W/,, ’ SS ' DecXsil-S p^!!^989.5

foists

Si 0.00 lower due to a strong dollar and QasOIISept- 8285X5 j+B.75's270.5
lack ol .buying interest and closed Rubber (kite;... 49.75p U 0.2fi|49p
wuh lasses of around $14:00. Closing Sugar (Raw).- £l05x —1 2116

plfces end business done (U..S. $ per Woolt'pa 6«s kl.|380p .„.|3B8pkJlo

St ‘SS^^iTtSSS: »“■

June. . <80 00-60.00. untreded; Aug 1
490.00-65 00. untreded. , — uuniftr

1 + 8.75 82
'r~0.2£ 49
-1 *1
3B

SUGAR

Scattered selling initially caused
pnces to oase some £1.50 Therealtcr
QuooiTiont were little changed m dull
trading conditions.

_ . zn naitJU quoanigns were nine unangeu in aun

s *- ?asa lifts

January ....l 1036-37 1+1.0 J 044- 31 ,

ffSlff ‘tin ffl No-* Yesterday Previous Business

SSr:::::i SSS CtS Sf*’ SZ ' I e ““

Se pt. | 930-35 J_+ 5.0 ' — 3 tract • • j —

Sfllaa: 2,946 (5.531) lots al 5 tonne*

. ICO' Indicator price* tor Aug 5. £ pec tonne

(U.S. cents per pound): Comp daily Oct 'm.lB-nJfl i 11I.S0-n.7fi;H2.7MSJB

1979 118.61 (116.57); 15-d»y average Ja n |1 14.00- WJM;11B.(»-1BA0| —

115.10 (115.05).

GRAINS

March 1 124.B0.24.BQI 124.90-25.00 126.00-23 J30
May.._.;127 .75-26.00 129 JB-2B.15 127^8-20^5
Aug-....-lBl.B0 ilJ0 1S1.26-81.75 ' ■ —
Oct-....|1B45IW4.«l 154-.25-5BJW —

Tha market traded quietly easier Jan. ...JIM XHMQ.DOj 136.50-88 J fl| —

eher en unchanged opening dunng
the morning session. In the aftar-

Tate and Lyls delivery price- lor
granulated basis white sugar was

noon commercial buying firmed the £405.90 (same) a tonne for home trade
market back to close 45/255p up but and £210 (£211.$) (or expprt. .

in qiuat conditions, reports Acli.

WHEAT IMOEf

lYesterd'ys +or .Yeafrdy*" + or
Mirth 1 niniii — close —

international Sugar Agreement (U.S.
cents per pound ) 'fob end stowed
Caribbean pans. Prices 'for August 5:
Daily' price "7.09 (7.0ft): iS-daylavarege
7.32 '(7.43) . ' ,

LONDON DAILY. PRICE— Haw sugar

INDICES

FINANCIAL. TIMES
■ : Au'gl'6 Auff. 5 - ,M'th agoY'ar ago
25Q 09 1851.54 j 253.74 I 275.41
(Seas: July 1 1962 - 100) .

, .REUTERS

Aug7~6~jAug. 9 [M'th ajo j Y'arejo
-. 2Sg5.9tlS4g.7~l 2059.1 I 1763,0
(Base: September 18 1931 - 100)
MOODY'S

Aug. 6 Aug. 6 M'th ago.Y'arago
lQOlillOOO.4. 998^ 1070.6

(December 31 1331 - 100)

• DOW JONES

Dow [ Aug. Aug Month Year
Jon** b o .ego ago

Spot ‘122.52jl22.76ll25.06 5B5.5S
- FU tr-e Il25^4|l25.54il25.01 8M J5

, . (Base: December 31 1S74 » 100)

PARIS. August 9.

Cocoa — (FFr per 100 . kilos): Seot
1034-1050. Dec 1086-1100. March 1142-

11.50. May 1185-1195. July 1222-1230.
Sept 12S2-1270. Dec 1303-1309. Sales
at coll: nil,

SUGAR— (FFr per ionne): Oct 1405-
1410. Nov 1400-1410. Dec 1430-1440.
March 1565-1568. May 1600-1814, July
1625-1635. Aug 1655-1668. Oct 1680-
1695. Sales at call: 3.

ROTTERDAM, Atraust 9.
Wheat— (U.S. S per tonne) — U.S.
No. Two Red Winter. Auq 138.50. Sept

141.50. U.S. No. Three Amber
Durum. Sept 168. Oct 170.- Nov 173,

pained several penco Mediums
opened barely steady but closed often
dearer. Brighter Central Africans sold
resdly but plain sorts lost Ip to 3p.
Ceyions ruled fully firm with brighter
Bopl's s dearer feature. Quotations:
Quality 102p a kg (128o), Medium
112p a kg (109p). Plain no quotation
(no quotation).

IV! EAT/FISH

SMITHFIELD — Pence per pound. Beef: Lltchees — Israeli. 8 oz 0.75. Apnco tv-

ends 119.0 to 123.0. Lamb: English Hungarian: 6 kg 2.30-2.50. Nectarines

small 53.0 to 57.0. medium 56.0 to Italian: 3.00-4.50. Melons — Spanish:
60.0. Imported: New Zealand PL 59.0 Yellow 10 kg 3.00-3.50; Frenchf-Cheren-

Pec 178. U.S. No. Two Northern
*-r.nnq 14 per coni. Aiiq 175. Sept
' 17 n 5n Ocr 174 Nov 178.' Dec 1S2 '

Maize— (U.S. S per tonne) — U.S. No'
Throe Corn Yellow. Spot 123. afloat
v*l. Aun 119. Sept 11120. Oct/Dec
12? 75, J.-n 'Mnrrh 522.50 sailers.

Sovaboan*» — (U 5. S per tcmnel —
U.S. T*»n Yellow Gullonrts, Aun J41.25-,
Sept 217.75, Oct .’’31 50, Nov 231.76.
Pec 236.75. Jan 24?.50. Feb 246.75.
Mirch 250.25, April 253.25. May 555.50
soffers.

Soyamesl (U.S. S oar ionne)— 44 per
cent afloat. Auq 204. Sept 206. Oct
207. Nov 208. Dec 213. Nov/March 217
sailers. s

0 22 Spanish: Trays peels per pound
0 IS. Williams 0.15-0.20. - Peaches—
Italian: Large trays 1.60-2 80 Plume—
Italian. Burbanks per pound 0.15-0.20:
Spanish: Sente Rosa 11 lb 2;00-3.00.
Gages — French: 9 Lt| 3.00: Sffinish:
5 kg 2.00-2.20. Grapes— Cvprus:' 11 lb
Cardinal 2 50-3 00, Sultana 2 60-2.80.
Thompson 4.20-4.40. Alphonse Levalioa
4.40. Rosaki 4 40 Italian: Regina 2 00-
2.80. Cherries — U S.: Per pound 1.00-
1.10. Strawberries— U.S. : 12 os 1.60.
Lltchees— Israeli. 8 oz 0.75. Apncpt%—

Hungarian: 6 kg 2.30-2.50. Nectarines

Italian: 3.00-4.50. Melons— Spanish:

to 60.3. PM 58-5 to 59.5, PX 57.3 to
58.3. YL 58.5 to 59.5. YM 59.0 to 59.0.
Pork: Engliah. under 100 lb 34:5 re
52.5. 100-120 lb 40.S To S1.0, 137*160 lb
taol mf hrhr mfr hrt) m( hr mfr hr d
hrd mfw hr mfw bg mfw hrdl taod
eolnhrd r a r d a hrd m f hrd mwy
hrd mfw vbg cm tha hr ctnfw hm
MEAT COMMISSION— Average Fat-
Stock prices at representative markets-
GB: Cattle 97.09p per kg fw (-2.09);

tais 10/15 5.00-6.00: Dutch: OgenB 6J50-
8.00. Watermelons — Spanish: 16 kg
5.00-5.50: Italian: 4.50-5.50. Pineapples
—Ivory Coast: 20's 0.40. 12’a 0.60:
Kenyan: 6*s £.00. Banana*— Colombian:
40 lb boxes 9.20. Avocados — S. African:
4.50-5.00. Mangoes— Mexican: 6.50-7.00.
Paw Paws— Brazilian: 7.00. Tomatoes—
Dutch; 6 kg "A" 2JK 7-3.00. ” C ■*
2.60-2^0. Artichokes — Rnuany; 24'e
B.00. Onion*— Spanish:, Greno 3.40-

GB: Sheep 120.68p par kg ost dew 3 80. Capsicums— Dutch;- 5 kg Green

Month Year
.ago ago

Sept.; 110.25 1+0.15 105.30 +0.10

NOV—i 114.05 +0.DB 109.10 +0.2

Jan...! 117.70 tO.26. 112.70 . + 0J1B

bter..| 120.75 1+0.10' 115.65 , + O.lfl
May.. 124.05 +O.O61 118.90 -0.05

Jul y-1 127,35 . - • • - —

ICJOB) 1 . ; fh TT ail ' tor.s ^pp hes was hampered b ?
skipmcnt ^ Whjle sugar daity price - 1ha onjtuflp. of ufers. who were not

Ll*^. I £1 - 3 1 . HraiuiWaW In'enonrl rhttir Cfimm'illTIBntS.

WOOL FUTURES "

LONDON NEW ZEALAND- CROSS-
BREDS— Close (m order: buyer, seller,

Business done— Wheat: Sepr 29, Nov business). New Zealand cent* oor kg.

48. Jan 23. March 10. May 12. July 2-
Sales: 124 lots ol 100 tonneB. Barfey;
Sept 23. Nov 24. Jan 15. March 16.
May 2. Sales: 80 lots Of 100 tonnes.

LONDON GRAINS— wheat: U.S. .Dark
Northern Spring No. 1 14 per cant Aug
115 JO. Sept 112. Oct 113. Alov 1M.50
transhipment East Coast. English. Feed

Aug SI. 364. nil: Oct 371, 378, nil:
Dec 381. 394. 3S4: Jan 596. 3S7. 397;
March 413. 414, 413-410: May 420, 423.
421; Aug 428, 430, 43CU28: Oct 429,
435. nil; Dec 432, 441,. ml: Jan 433.
443, nil. Sale*: 16.

SYDNEY GREASY WOOL — Close: (In
order buyer, seller. bv*m*M).- Au*tr«-

fab iw fti 113 m Bailers lian CBnIS pcr k9 ‘ «E Ct ®*- 0 ' SS 0 ’

k°°i« he7f am Dac 835.0. 5J6 0. S27.0:52BA March
■Sft.ifTi h i« hafl 533.5, 533;3, 533.0*532 0: ..May 637 JS.

SP\JSt 137 Jan- 538.5: July 44.5. 545.5. 545-0-545.0: Oct

YpllmuAMhii. a..n.Sonr as. Bari a v: Oct 637.0, 538.9. oec 54Z.D, 946.0.

Coast. Malu; French 1st half Aug
13EL50, '2nd half Aug. 136. tot half
Sept 13850, 2nd half Sept 137 tran-
shipment Eaat Coast. South African
Yellow/White Aug-Sept ffi- Barley:
English leed fob Aug 105. 105-60 Eaat
Coast.

HGCA — Locational ev-farm spot
prices. Other milting wheat; Eastern
113.00. E. Mid*. 113.SD; Fsad wlwac
E. Mlds. 107.00. N. East 108-30. Scot-
land 108.80. Fead barlay: Eastern

disposed 10.' extend, iheir commitments,
ye jninor purchases were ^maintained
in Midd[a Eastern growths.

POTATOES

^ LONDON POTATO FUTURES— Prices
moved marginally higher in early
trading, but etsad beck to lose much
of day's gains by the close, reports
Coley and Herpar. Nov 57.60 +0- 10
(high 58 JO. low 57.60): Font 67.80
r+0.50 (high 68.00. low 67 ,60)r April
7B.8Q . -WJO fljlgh 79.00. Jow 78.10):
May 87.70- +0.30 (high 88.60. low
87.50): Nov 62.90 +0.2D (62.90 only).
Turnover 253 (97) lots of 40 uwnw.

TEA AUCTIONS

(-10.11): GB: Pigs 68.88p per kg iw
(-1.85).

GRIMSBY FISH — Supply good.,
demand good. Prices at ship’s side
(unprocessed) per stone: Shalt cod
£5.00- £6.00, codlings OA0-E4.60: large
haddock £4.1O-£5.20; medium 13.00-
£4.20,’ smell El 20-E3.2D; large plaice
C4 60-E6.40. medium £4. 40- £5.60. best
smell. E3.70-C4 80: . large skinned dog-
iiSh £7.5Q-£8.00, medium H 50-C8.00;
large lemon soles £8. 00. medium £6.50:
raeklreh C2.00E3 40: rads £1.30. £2.00;
saithe CT.S0-C.4fl.

COVENT GARDEN— Prices for the bulk
of produce, in sterling par package
except where otherwise stated. Imported

3.30. Red 6.40, Yellow 4.40. White 3.50.
Blue 4.40. Cabbages^— Dutch: Red 4.00-

4.50. Aubergines— Dutch; 5 Lg 4.00.

Courgettes — Jersey: Per 32 lb 1 .00-1.40.
New Potatoes— Cyprus: 20 Lg 2.50-3.30
English Produce: Potato®*— Per pound
new 0.03-0.04. Mushrooms — ftr-pound,
open 0.60-0.70. closed 0.60-0.60; Let-
tuce— Per 12. round -t. 00-1. BO.c Webb's
1.00-1.80. Cos 1.50-2.00.. .Onipnt— Per
55 lb 40/80 mm 2 00-2 50. “Spring
Onions — Per hunch 0.05-0.0S. .pickling
Onion*— Par 55 lb . 2,pp-3.00. Primp
Cabbage— Per 25 lb 1.20-1.50. Carrots—
Per 26/28 lb 0.80-1 50. pet bunch 0.10,
Courgettes— Per 12. .I)j 1.00-1.20.

Cucumbers— Per package ‘ 1 JJ0-2.0O.

Produce: . -Mange lin e* B razilian: 5.50- Tomatoes — Per 12 lb box 0/E 2:30-2.80.
6.00. Oranges— Outspan: Navcfs/Lates CaufiffowtmB — Per 12. Lincoln .0160-1. SQ.

40 6.70. 48 8-30, 56 7.20. 72 7.2Q, '88
6.54. 112 6.05, 138 5.85. 140 5JS;

Celery— Per 12/301.00-2.00, Winter crop
3.20*3.60. Stick Beam-LPer' Tb 0.12-

Brat ilia n: 88/100 7.00-7.50. Lemons— O.S. Ground Beane— Par lb -0,05-0,08.
Spanla: Trays 5 leg 25/50 1.40-2.00; Marrow* — Par box 0.50-1 .00; Sugar
Outspan} - 1&7 kg- 80/193- 4.00-6,00. Pom— P ar lb . 1.00-1.50. ; Tumips— Por
Grapefruit— S. African; 27 4.70, 32 5.75. 28 lb 1 JO-1 .60. Swedes— Par 28 lb
36 5.90, 40 5.75, 48 5.40, 56 6.60. 64 1-20-1.40. Parsnips— Per 28 Ib^UXKLSO.
5.05, 72 4.35 — Ruby Mine as White. Apples— Par pound, Brantley 0.14-0.18,
Apples— Tasmanian: Granny Smith 9.00; . Grenadiers 0 .08-0. 10. Discovery 0.20-
10.00. : Sturmar “Pippins 8.-00-9.00^ Aus- 0.25. Howgata 0.1041.12. ' Derby 0.10-
tralian: Granny Smith 9. 50-10.80. Demo- 0.12. Georqe Cava 0.20-0.25. Straw-

Sales: 15-

COTTON

. Tha UK Mqnetory Coefflciqnr for the crsia 8.00-10.00; New Zealand: Sturmars bfliYies— Per 8 oz 6.50-0.70. .. Block -
week beginning : Monday August 16 is 8.00-9.00. Red Dougherty 8.00-9.00; S. ' harries— Par 8 oz 0^0. Bludbarries —

evpaaetf tb remfljn unchanged
LQNDON . TEA . AUCTION-

gad. ‘ ;
ON— 21.45

UVEHPOOLSpol and shipment sales packages were- on offer -at yesterday s
amounted to 140 .tppnea. Rather more agStioii. ’.There Was" a ’Abed'Jientrei
interesi was shown in speciolisi varie- demand. Bright East Africans wflra
lies and operations unproved slightly, wall supported’ and selected lines

African: Granny Smith 0.50-1 0.50. -York Par 8 oz 0.60. Plums— Per pound. Vic-
Imperlal* 3.00-6.00; U.S.: 18 kg Red toria 0.3-0.30. Czars 0.1tW).12, Bella's
Delididus 10.0tFT4.00: Spanish: Golden - 0.15-0.20. Gagas— Par pbiintf 0.12-0.15.
Delicious 7.00-8,00. . Pears— French: Fennel— Par 5 lb 1.50. Com. on. Cob-
28 lb loose Williams 3.50-3.80; Italian: Each 0.15. Leeks— Per 11 lb' 2.00-3.00.
Trays . pecks. Dr Guyoc per pound 0.18- Loganberries— Per 4 oz - 0.70. :• —

■V -

■ FT - 4
f.t. i
F.T, I

- Bareli

- Bibfay

- Blue ,

Borth

: Brady
Broth
Culler
Hoove
’ Intero
Nottir
Phoon
Rank

- Reardc
Reed
Standa
Turner
W^gor

T SA\
day, d
tralian
side w
about •
.Told c
Wester
IreSia
?Jii? oth
berutif

it up."

Sure
Labor
to new
investo
to pc.ve
in? of ,
The .
by the I
Govern]
big Jat
m the
P ancon!
and Gel
They'-
week,
claimed
tial rep<
the No:
partraen
snggeste
JabiJuka
prospect
potentia
has been
tic to sa
’ It was
Austral i;
uranium
priced at
pound i
prices ar

f ith-is in ;
ike rem;
■ears to
Jabilut
tracts at
the part
arrange a
of Coven
mining p
aot meai
vas unat
>n the sl
Mr Tot
’a neon Mr
irism/jfy.
omraents
le maint
abiiuka's
ointing •

1 a posit
3curity
rategic i
While
ibiluka
rfe to a
Dg-ierm
ight be
w dolla
sure s<
an scrat
ers in
irket.
signifies
itinema'
leb of
Eu rap
ml Ties *
nevitabi
.P.o.ssjb

NEW YORK

ACF Industries. J Z8U 881b

ABA,...._ J 3 1 is 31 Sa

Avx Corp- ' 15% IS li

Abfaot Labs- 29 29%

Aome Clow.. I 16 % 166s

Adobe Oil & Gu j 13% 13

Advanced Micro J 23 Is 235 b
A atna Life A Gas. 1 34% 34 U

An man ton (K.F.r 9% I Bis
Air Prod * Chem 20% ; 25

Aioona 165 a 1 153*

Albany Int 24 24%

Aiberto-cuiv._ 121 b I2is

Aibcrteon's j 35% 3434

Alcan Aluminium, 183* 18 J$

Alco Standard....! 18% 187$

Alexander &A1._ 21% 21

Aiegheny Int. — , 18% 17%

Allied Corp 55% ! 53%

Allied Stores. — 23% 245*

Allia-Chalmers,... 7% 8

Alpha Portd 14is 14%

Columbia Qaa 231*

Combined mr_ l9s e 19 *8
Combustn. Ena.. S3 3 * ' ' 84
Cmwlth. Edison. 2068 80S*
Comm. SateHte- 22 52 %

Cons Edison I 167$

[ cons. Foods. — 34%
Cons Freight—.. 40%

C 0 n.Nat. 6 as ' 21 %

Conmiier Power 165a
Coot. Air Lines... 4 'a

Conti. Corp 22%

Conti. Group 26

Coot). Illinois. 155 b

GontLTaleBh— 16%
Control Data — ; 225*

Alcoa I 23 lg

Amal. Sugar. ! 63

Amax_ ' 18%

Amdahl Corp ! 20

Amerada Hess..,: lose

Am. Airlines. I 14%

Am. Brands I 38%

Am Broadcast'* 39

Am Can. 27%

Am. Cyariamki — 27
Am. Elect. Powr.; 16

Am. Express 565s

Am. Gen. Insnee.- 3ITs
Am. Holst & Dk...- 9

Am. Home Prod..l 36%
Am. Hasp. Suppy; Z 8 i s
Am. Medical Iritl ] 23

Am. Motors- 3ia

Am. Nat. Resces, 26%

Am. Petflna J 64 ?b

Am. Quasar PeL. 654

Cooper Inch... .... 21 la [ 20r a

Coors Adolph-... 105a [ 105s

Copperweld 13% 13 1 *

Coming Glass .... 44% «4 t b
C orroon Black.-. 20 Sb 20*
Cox Broadcast's 284 27?*.

Crane - 184 18U

Crooker Nat. 23 25

Crown Cork 25 241*

Crown Zell..—.... 161* 164

Cummins Eng 28 284

Curtlss-Wrlght ... 344 . 34%

Damon - 64 64

Dana- 234 225*

Dart A Kraft 534 635s

Data Gen 244 25

Dayton-Hudson - 354 35

Dae re- 23 4 225*

Delta Air 284 26

Denny's 244

Am. Standard— ] 184 | 19

Am. Stores. 43H ! 444

Am.Tfil.&Tel 505* |. 634

Amoteklnc ..I 26 254

Amfac. : 184 184

AMP : 61 52

Amstar 204 20

Amatead Inds— 1 194 194

Anchor Hcckg.... 14 J 135*
Anheuter-Bh — 48 494

Archer Daniels— 134 I 134
Armco 15% 164

Armstrong CIC — 1 144

AsameraOll- I 61$

Asarco. — 214

Ashland Oil 23%

Asad. D. Goods — 304

Atlantia Rich 33%

Auto- Data Prg— 224
Avoo 164

Dentsply Inti | 234
Detroit Edison.... 114

Diamond Inti 374

Diamond Shank-) 165*

DiGlorgio -I 83*

Digital Equip...-. 634

Dillingham- 114

Dillon 211*

Disney (Wait) ! 604

Dome Mines.-.-.! 6'

Donnelly <RR) 404

, Dover Corp - 19

Dow Chemical J 20

Dow Jones 374

Dreeser. ; 134

Dr. Pepper 14

Duke Power— > 214

Dun A Brad.. 1 71

Du Pont 304a

EG Ah 1 ISTa

Awry Inti —| 245*

er~, Avnet. 1 40

Kr - 1 Avon Prod J

Barrl- Baker Inti — j

Avon Prod J 205*

Baker Inti — _] 19
Balt Gas A El - — 1 254

Ban Cal 1 is

Bangor Punta ... 114

Easco. | 19

Eastern Airlines.,

Bengor Punta ... 114
Bank America — 174

Bank of N.Y 394

Bankers Tst N.Y. 28a*

Barry Wright 154

Bauach A LombJ 405*
BaxtTrav Lab—. 354
Beatrice Foods— 194

Baker Inds 44

Bell A Howell - 204
Bell Industries _. IS
Bendlx 484

Eastern Gas A F.' 165s
Eastman Kodak... 715*

Eaton. — S3

Echlln Mfg -! 13

Eakherd Jack--.; 184
Electronic Data.1 26
Elect. Memories.! 34

El Paso- I 145*

Emerson Elect-; 43
Emery Air Fgt....; 94

Emhart 294

Engelhard Corp- 1 204

Beneficial 174

Beth Steel 18

Big Thee Inds— 174
Black A Decker- 124

Block HR 264

B ue Bell— 23

Boeing..- — 174

Boise Cascade.... 224

Borden -.... 524

Borg Warner 25

Briggs Strain — 244
Bristol-Myers — 544

BP—. 177s

Brockway Glam. 14
Brown Forman B 52

Brown Grp 344 i 363*

Brown A Sharp... 154 | 145*

Brown g Ferris— 294
Brunswick.—... 194*

Enserch— -.1 164

EsmarK. 394

Ethyl -V - 234

Evans Prod 7

Ex CellO.. 24

Exxon £64

FMC. 244

Faberge 174

Fodders 1 34

Federal Co 224

Federal-Mogul 194

Fed. Nat. Mart.-. 104
Fad. Paper Brd— 183*
Fed. Resources..! 04

Fed. Dap. Stores; 39

Fleidcrest Ml 174

Firestone—;.. 104

1st Bank System 884
1st Charter Fin-] 104*

Bueynis-Erte—. 11

Burlington Ind 174

Burlington Nrthn 354

Bumdy. — — 164

Burroughs 304

CBIInds.- 26

CBS : 364

CPC inti -• 30i 2

CSX 36*.

Campbell Red L.! 114.
Campbell Soup— , 337a
Campbell Tags - 30
Canal Randolph.! 374

Can. Paolfle ; 20s*

Carlisle Corp 1 204

Carnation— -! 32

Carp Tech ...—....I *04

1st Chicago 144

1st City Bank Tud 157 B

1st Interstate 244*

1st Mississippi— 74

1st Nat. Boston.-I 237s

Carter Hawley... 1H*

.Caterpillar-... 354

Celanese Corp-. 42

Centei.— 284

Centex 194

Central A Sw— 144
Central Soya — . 94

Certain- teed llsg

Cessna Aircraft.. IB
Champ Home Bid 23*

Champ InL 124

Champ So Plug.. 74
Charter Co-,....- 8

Chase Manhatt'n 364
Chemical NY ....-1 284
Chesels Pond._J 334
Chicago Pneum-I 124

% i‘ a 1 st Penn. 24

Flsons- 64

Fleetwood Ent... 164

“I 0 Flexl-van 194

Florida Pwr A L- 324

f ° ! ' Ford Motor. 22

| 75 * * Foremast Mek— 29 t b

|L Foster Wheeler... 104

Freeport MeM— 134

|? 10 Frirahauf 16s,

.... gatx 214

ilsi gte corp 1 884

Cannot.- — [ 344

Gelco — . 154

Gen Am Invest 144
Gen Cinema — ! 41
Gen Dynamics —I 254

Gen Electrio 644

Gen Foods 354

Gen Instruments 344

Gen MiHs....... 41 ■ ■

Gen Motors 40*8

Gen Pub Utilities B
Gen Signal 32

Chrysler. ...

Chubb

Gen Tire 1 22

Genes co 1

-.Cigna

Cincinnati Mli
Citicorp.
dtles Service
City Invest
dark Equlj
dove Cllfm iron

Ciorox

dualtt Peaby
Coca Cola—

S ' ■ te Palm
t Aikman
Colt inds

Genuine Parts—! 304

Georgia Pac ! 14

Gerber Prod 194

Getty Oil- 464

Glddlngs Lewis... 29 Tb

Gillette 37

Global Marine...-: 84
Goodrich <BF).:„I 174
GoodyearTIre ...1 224

! Gould— 204

Grace- 294

GralngerCW.W)— J 354

Financial Times Tuesday August ip ,1982

Aug. Aug.
Stock B 5

Gt.AiL_Rao.Tea.' 74
Gt Basin* Pet....l 14
Gt Nthn.Nekoosaj 304
'OUWastFlnanel. -124
Greyhound....—. 12*8
Grumman "4

Guf ft Weston— | H7j

WORLD STOCK MARKETS

Fresh early Dow fall of 9.8

Comp. Scienca-I 134 ] 124

Cone Mill*. [ 274 i 374

Conroe - [ 233* j 234

Gulf Oil 254

Hall IFB).. 88

Halliburton Z* 3 *

Hammcrmill Ppr 214

Handleman. 134

Hanna Mining — 174
Her court Braoe- 154
; Harris Bancp— 34
! Harris Corp-- - 241 *

! Hareco. 15.

Hecla Mining 84

Heinz (HD— 30

Heller Inti 164

Hercules 174

Herahey 48

Heubleln 674

Hewlett Pkd 404

Hilton Hotels 307*

Hitachi 814

MGM- 64 I 54

Metromedia.....;. 224 2234
Milton Bradey .. 17 174

Minnesota MM... 624 824

Missouri Pao — 1 534 634

Mobil - i 1»4 20

Modern Morohg 104 104

Mohasco. — 104 104

Monarch MfT ..... 18 s * 164

Monsanto- 644 664

Moore McCmrk.. 134 14 jb

Morgan (JPX-. ^?4 604

Motorolo M 644

Munsingwear.. _ 124 134

Murphy I’GCl 234 137g

Murhy Oil — 167g 174

Nablseo Brands-! o54 33 U

NaJeoChem ; 18 184

Sehlumberaer— «J J

SSit'pi^rT..... if* i Wjs

Beacon 24 [ 234

Seagram. — *** I

Sealed Power ..... 31 31js
SaarlefODi 324 I 53 U

THE COLLAPSE of the proposed THE ® “g <E*3Sg£2E£StfZ S

Gulf Oil-Cities Service merger Value Index lost 538 to 238^1 ^ sSt would react AEG Stock .was suspended jug
was partly responsible^ ffit a at 1 pm. Volume 3.04m .shares, that ; Wall. Strew wm ^

asaric ibw -- -

Sears Roebuck.-! 184
Security Pac..

Shell OH ! 3 °' 0

Shell Trans : «

Bherwln-Wms—.. 244

Signal

Blgnode

,rli«

tr

s

further sharp fall in Wall Street
stock prices in active early

Canada

dealings yesterday. Markets conunuea «i and the ven

The Dow Jones ^Industrial terday morning in light' tradtog. SfSSfJS 1»odI if a

Markets continued to fall yes*

bearishly to the rise in the latest before the opentai bell at .Uve
U.S. M-l money supply figures, request of Djresdner Bank, the

*neterloratinc Japanese econo- lead-manager of . AEG*s 25.

.uexeriusanufa .. Hank- Mnsnrfiiim. • •

member bank consortium.

The Commerzbank

1 Nat Can. 164

| Nat Detroit-....- 19ia
N«L Plot Cham- 20
Nat Gypaum. — 164
Nat MedleaJEnfi 147g
NatSemicductr. 16
Nat Service Ind. 25
Nat Standard— 74

Nat Steel — 144

Notomas 13 Tg

NCNB 18

NCR 604

New England EJ. 284
NY State E A G_ 174

NY Times. 364

Newmont Mining 344
Nieg. Mohawk— lSig

NlGORIno 854

Nlelean (AC) A.- 474
NL Industrie*.— 155*
NLT..._ —.—I 363*

Simplicity Part... 7i a

Singer- _ 13 i?

Skyline — - 164

Smith Inti - 204

Smith Kline Beck| 614

Soneatalntl 104

Sony 11 '8

Southeast Bankgl 164
Sth. Cal. Edison. | 31

Southern Co. “J*

Sthn. Nat. Res.... 214
Bthn. N. Eng.Tal.j 414
Sthn. Pecifle — ff

Southland* 314

S.W. Bancehares 234

Sperry Corp 204

Spring will* 2£h

Squibb 3476

STD Brands Paint; 864

1 pm yesterday. The NYSE All gg ; o to 2A5S.4 and Golds 44.9 to
Common Index retreated SO cents 1,657.5.

to 35S.S9. while more than 1,100

* = wont buy

ss^'a’sssss p^cai fc s^s^jss“ 1 sa

of the V& economy to respond e S^ e nnlitical worries added * ^ - start seUinS ’ higher refinancing costs, as weH

to Smuiative measles from the P S^eSS *«?!*!* J aE?aIn asthreateoed exposure is AEG

Reagan Administration. "There t Hnii a r* recent ore- , Export-o nentated credits caused Banks to show

is a lack of confidence on the dollar, . led the decline, with sentiment —.^g of the sharpest falls -of ihp

^omic D Touci e ?:' w S^X S5g,S“ dS Sfw# to iTw oSS

Hong Kong

commented, adding that foreign AEG shares were still sos-
purchases In August last year pended at the end of trading
lifted the Tokyo market average ^ brokers had said the sham
above 8,000 to an all-tune ftign were being pegged at- near

as threatened exposure la AEG
credits caused Banks to show

Dresdner dipped

Husky Oil....- ' 4is

HuttOO (EF) — 223*

1C Ind* - 254

IU InL ; 124

Ideal Buie Ind... 144

Ideal Toy 144

101 ADR 5

Imp Corp Amor J 57a'
INCO— ; 84

Ingereol Rand — 374

Inland Steal. 184

Intel 294

Inter First Corp~< 17%
Interlake-,— -—!. 264
Inter North ..—....1 223*
IBM- 634

-434
31
35
274

494
244
194
384
84

155,

244

Norton Simon—.l 204
Occidental Pat... I 17 4
Ocean Drill Exp- 174
Ogden.—.— 184

OgUyy AMrth — ..) 333*
Ohio Edison i 13

Olin —I 16

std on Cil forma.; 344
Std OH Indiana-. 334

Std Oil Ohio , ?74

Stanley WKs 14

Stauffer Chem- 18%

Sterling Drug 1 80*«

Stevens (J.P-> *44

Stokely Ven K 314
Storage Teah -... 16%

SunCo 284

Sundstrand 284

Superior Oil 234

Super Val Sirs— 184

Syntax. 35 4

TRW.- 49

Taft 294

Tampax.. 38

promising an economic recovery ua *>»

since the first quarter, and the a S;®*gS J°cTJE

Stable for Hang Seng hidex whi^ SSSTSSSyiS

continually being stretetwd out, gyjj > S Motors Y3S ,

Deutsche DM 3J20 to DM 388.30.
In Engineerings. Deotscbe

5* interim

Omark — 14%

Inti. Flavours. j 21

Inti. Harvester— 4
IntLInoome Propt 9

IntUnoome Prop 9

Inti. Paper— .58

Int. Rectifier.— 84

Intl.Tel A Tel 2.30

Irving Bank——. 38

James (FS1 — . 22

Jeffn-PIlot - 234

Jewel Cos-.— .... 344

Jim Walter 214

Jahnsqn-Contr._ 214
. Johnson A Jits.-. 394
Johnthan Logan. 124

Joy Mnf_ 195*

KDT Ind. Ine OT*

K. Mart. — 164

Kaiser Alum. 12

Outboard Marine; 223*
I Overseas Ship—! 114
; Owene-Coming J 167s
I Owens-Illinois < 21%

, PHH Group 197*

PPG Inds 384

Pabst Brewing... 174
Pao. Gas A Elect 234
Pac. Lighting — - 934
Pac. Lumber— 154

Tenneco -

Tesora Pet

Texaco

Texas Comm. Bl<
Texas Eastern _.

t Palm Beach— — 14%

Pan. Am. Air 3%

Pan. Hand Pipe.- 25%
Parker Drilling ... 9%

Parker Hanfn — 154
Peabody Inti. — 64

Penn Central 223*

Penney (JO) 354

Pennzoil 25%

Kaiser steel- 154

Kaneb Services- 124
Kaufman Brd — 74

Kay Corp ' 84

Kellogg 244

Kennametal 224

Kerr-McGee 244

Kidd* 184

Kimberly-Clark . 681*
Knight Rdr. Nws. 294

, Koppers. 117s

i Kroehler. 7T a

Kroehler. 7U

Kroger..—-..- 364

LTV — 87$

Lanier Bus. Prod 154
Lear-Slegler 224

Leaseway Tran s| 264

Peoples Energy-! 64

Pops! co.. 374

Perkin Elmer- — 17T*

Petrie Stores I 213*

Petroiane _i 114

Pfizer- 537s

Phelps Dodge— 19

Phila Elect— I 14%

PhllbroSal'nlno.; 24
Philip Morris— — 464

Phillips Pet 243s

PfUbury- 394

Pioneer Corp— — 324

Pftney- Bowes — 317*

Ptttston 12%

Planning Res'oh. 64

Plesssy - 88

Polaroid—— 193*

POtlatch 22

Prentice Hall... ' 20%
Procter Gamble.) 824

Timken 444

Tipperary 3

Tonka. .... 164

Total Pet 7%

Trane 234

Tran same rica .... 165*

Traruway- — 204

I Trans World. | 16%

I Travellers. 1

Tricentrol 1

I Trl Continental.
Triton Energy..

Tyler — *34

UAL 16%

UMC Inds. 84

Unilever N.V. 547*

Union Camp. 444

Union Carbide.—! 424

Lenox- — — 384 38%

! Levi Strauss. 237* 221*

Levttz Furntr.....: 27 4 2 87 #

Libby Owens Fd. 204- 204

Lily (Eli) 464 494

, Lincoln Nat— 37 374

Litton Inds— 374 39%

! Lockheed— 544 657,

Loews. 864 874

Lone Star Inds— 20 20

. Longs Drug Sirs. 294
Louisiana Land... 22%
i Louisiana Pac — 17

Lowenstaln 24%

Lubrlzoi- 164

Lucky Strs. 134

MiA Com. Inc 15%

MCA 58%

Pub. Serv. E A G J 204
Pub. *. Indiana— 214

Purex 304

Purolator 29

Quaker Oats 39

Quanex - 64

Questor: — 134

RCA 17

Raison Purina— 13%

Ramada Inns 4%

Rank Org- ADR... 94

Raytheon— 364

Reading SatM... 104

Redman Inde 127*

Reich hold Chem 114
Republlcbenc — 244

Union Oil Cal— ...

Union PadGc

Uni royal —

Untd. Brands

Unt Energy Rea. 234

US Fidelity G.

US Gypsum. ......

US Homs _.... 124

us inds- - 8%

US Shoe- 224

US Steel — 167$

US Surgical 204

US Tobacco 444

US Trust 344

Uid. Technplff*.. . 3B7*
Utd. Telecomm*. 16s*
Uojohn 384

VF. - 493*

MaoMlIjan | 134

Mfora Hanover— 274

ManvilleCorp*— 74

Mapco. 257$

Marine Mid 15

Marriott 354

Marsh MoLenn... 314

Martin Mtta 247$

Maryland Cup— 334

Maaao 31

Massey Fergn 3-

Mass Multl.Oorp- 18%

Mattel 124

May Dept Strs- 244

Republlo Steel— ' 153*
Reich Cottrell— 104
Resort Ind A — 174

RevcoCDSiv 274

Revere Copper— 84

Revlon 234

Varian Assoos. ...
Ivemitron —

Rexnord 94

Reynolds fRJ).—, 42%
, Reynolds Mtls....! 21

Rite Aid ! 324

Roadway Exps— | 414

Robblne (AH1 134

Rochester Gem- 13%

Rockwell Inti— 324

Rollins — 114

Virginia EP — 13
Vulcan Matrls— 404
Walker (H) Res _. 144
Wal-Mart Stores 254

Warnaco.. — 294

Warner Comms- 38%
Warner- Lambt— 197$
Washington Post 344
Waste Mangt 304

Wall Mkta 87%

Wells Fargo 214

W.Polnt Peppr — 24%
Western Airline. 44
Westn. Nth. Am- 84

I Western Union— r 26

284
74
164
894
34%

254
484
174
.144
35%
36
28

45%

Merosjttlle'Sti— 68

, Merck 66

Meredith 684

Merrill Lynch - 223*

Rolm 337*

Roper Corp.. 104

Rowan 8

Royal Crown — 16%
Royal Dutch— 29%

Rubbermaid 394

Ryan Homes 154

Ryder System— 304
SFN Companies.. 204
SPSTeehnoLgles 117$

Sabine Corp 304

Safeco. 30%

8afeway Stores.. 32%
SL Paul Cos — _ 384

244

104

8 %

16%

20 %

39%

15%

304

20%

121 *

307$

304

Wasting hous* ... 26%

Westvace J 17%

Weyerhaeuser _.| 244

Safeway Stores.. 32% 323*

SL Paul Cos — _ 384 384

SL Regis Paper.. 184 183*

Santa Fe Inos. — 154 157$

Saul Invest...—-. 4 t$ b

Sc hering Plough 304 .314

Wheelobratr F_. 27%
Wheeling Pitts... 134

Whirlpool 30

White Consoltd- 24

Whittaker 194

Williams Co- — 135$
Winn-Dixie 8tr... . 364

Winnebago 54

Wl so Elec Power 304

Wool worth 17

Wrigley 334

wyly B%

Xerox 374

Yellow Frt Syt ... 133*

Pupate 134

Zenith Radio 104

Indices

NEW YORK

—DOW JONES

| Aug. I Aug. Aug. Aug. Aug
l 6 i 5 ; 4 | 3 I 2

a lndUBtr'l»l7M.54|786.8S
H’meBndsJ B0.02 60.07|

|Slnne C mpll'f n
I High | Low

Aug. Aug. Aug.
6 5 4

BD5.4EI SIB. 40 1 822.11 808.80 882.82 784.84 1881.70 41.22

l ! I ' >1<I» F Cn/l/7S)- C2/7/82J

5 805.461

eo.iJ

UJ2: 83 JS 68.75 88^7

AUSTRALIA
All Ord. (1iV89)

Metal A Minis. (11H88)

484.8 | 488.S 488^
843 J> | 847.2 I 848 J)

Transport.. 297 JIS 38133) 304 J8 518.40,’ 514.45 303,75 588.48 YBfJK I 447.88 1232

I l " J (fill <B(8) 1(1014/81) (8/7 IB2]

Utilities — 104.61 1B4.47I 1K.071 108.13 1tB.87jlD5J2 716.86 108^2 1188.82 1IL5

AUSTRIA

' Credit Akten (2/I/S2)

685.6 (4/1)
425.1 (Em

445.2 (8R)
28SJ1 (8/7)

tajHl 4SJSI 48.87 | 6SJW (4(1) | 48.88 (28(8)

(80/7) (28/4/89) | G8/4/42)

BELGIUM

Belgian 8E (81/12^8)

182.45 (6/4)

81.41 (28/1)

48,860, 54,780] 58.440 60,4881.65,460 33^70] - —

« Day's high 7H.98 low 7B1.77

DENMARK

Copenhagen SE (1/1/78)

11235 112.54 11238

109.0 02R)

industT dlv. yield %

July 16 Vear ago (Approx
6.74 ! 5J74

FRANCE

CAC General (51/12/31)
Ind Tendanee (81/12/81)

SS.D 89.8 97.4

199JI KHJ 110.8

11 1J (12/6)
124 J (12/6)

86.4 (8/8)

87 J (4/1)

STANDARD AND POORS

GERMANY
FAZ-AktJen (81/12/GS)

223,75 225.75 226.47

Aug. AUg.
4 a

w

iffsa

1

High I Low

3/nce Cmpllt'o

Commerzbank(Decta3) 688.1 078.4 6B6.B 669.4

288.48 (8/4)
722 J (6/4)

218.88 08/1)

B68j m

tlndusfls-j 116,

117 M 11033) 1!DJS4| 122J2 119,S6| 157.28 j 115^0

HOLLAND .

ANP-CBS General (1978)
ANP-CBS Indust (1870)

98 J) (10/6)
74.8 (10/8)

I4J (B/l)
85J2 (4/1)

(Cemp'srtel 103.7i: 105.15 IGS.lHf 187 JS 1ttJ» 107JH 122.74 j 105.71 , 140 J2l 4.407))
, K l I - I I ■ ! I (4/1) ! (6101 (2B; 11 /iff (1/6/82)

IndustT dh/. yield %

indUBfl P/E ratio
Long Gov. Bond yield

Aug. 4

July 28

July 21

Year ago (approx

6.08

5.98

5.70

4.76

7.40

7M

7.80

9.62

13.0*

13.3B

13.07

13. 91

HONG KONG | I I '

Hang SengBank (81/7/6 4j 1088.67:1109.82,1 T42J)2j 1 146.3 1

1445J52 (12/T) J ‘ WU7 (8/8)

Banoa Comm I ta I .(1877) ioS.GS{ 167.66 iSB.aa |89.$7 212.88 (18/8)

JAPAN-

Dow Average (IB/6/49)
Tokyo New SE (4ri/88>

6876. 17(7060. 28[76S2.S77IB6.28j
618.-861 624.171 62E.04j630.04|

792L65 (27/1)
688,28 (27/1)

0889.58 (17/fi)
618.68 (9/6)

NY. S.E. ALL COMMON

; Aog-8 i Aug a | Aug 4

117.28 117JB 117 JK\ 150J9«B/1) 108.12(1/4)

Y’-i*?-;

59.6960.44j60.97. 6 1,91; 71J30

Issues Traded 1,824
Rises.——...— 427

Falla —i 962

Unchanged— 435

New Highs. 9

New Lows I 115

SINGAPORE
; Straits Times (1888)

823.001 65U2 045.75 810JB(B/T) B28J» (8f8)

1,017 1,107

SOUTH AFRICA
Gold (IBM)
Industrial (19*8)

455.7 4S7.4 4&M
675.1, 67LB| 679^

66M (8/1)
71JJ (8/1)

388.6 (8/7)

8073(28/8)

MONTREAL

Aug. Aug Aug

SPAIN

Madrid BE (10/12/21)

Industrials 268.57 260,281 253.68 280,67 852JB (4.1)

combined 24GJ0 24M4| 246.57] 247.47 516.08 (4,1)

TORONTO Composite 1415.4 1419.«i 1421.il 142i.6j 1965,5 (4.1)

249.88 (21/«)
257.27 (21/8)

SWEDEN

Jacobson ftP. (1/1/88)

SWITZERLAND

1955,5 (4.1)

\m* (7/7)

Friday Stocks Closing

traded price

Ad. Rich - 1.485^00 33\

Exxon - 1,003.800 2®,

Monel 593.400 1M,

Ell Lilly ......... 578.300 453,

ConL 1(1 572,800

NEW YORK ACTIVE STOCKS

Cbangs

WORLD

Capital Inti. H/l/TO)

33\ - *

2 ®, —

12 ^ \

45>a “3

IK* - \

Warner Com. ...

Hsublsln

Tandy

Pfizer. .......... -

TisnswrL

Change

Stocks Closing on
traded price day

535.200 an -m

496.600 57^ ■ <- V

483,300 25 h

46S.70D , S3 7 . ;+ h

427.80? J6>* -- H

82J7

92.82

107.45 (Alt)

Bft.82

852.61

BE8A2(22ri)

84U

244.8

285.1 (11/b

122.6

123,0

147J H/1)

UJ1 (IB/7)

he added. . r ™

The National Association of some 165
Purchasing Management said its yesterday
latest survey indicated the U.S. 1,089.87.
economy remained, sluggish in one-day d
julv. her and 1

Michael Metz, of Oppeuheimer lowest lc

last Friday after having fallen sSSS "ll to Y5S9. Sony mcomingorfere. dropped DM 6
some 165 joints since July 21. vSto wSSE Wcoh Y16 to Y476 to DM 170, Xumbu Dent**
yesterday dropped -79.75 to Vnit p hnt n V 20 to YL350. presenting a _afDijar report,-
This is the largest

and Fnji Photo Y20 to Y1^50.
Oi! shares fell on expectations

one-day decline since last Oc£ tha ^ 0 ri Tomp^ies wo'uld hpS
her and leaves the index at its ■ ^ . — -mniiac

r — . — - r . 10cn to pay more for their supplies

lowest level since J^ 1 ^ 0 - in terms. Tokio Nagayaroa,
Turnover, however, remained _.-L . Parmimn

and Co., said many of the arbi- Turnover, however,

shed DJI 1 to DM 123.

Paris

The sharp appreciation nf tt* )

Tandy 1 « 3 %*

Teledyne — I ?J[{4 86%

Tenneco 237$ 234*

Tesora Pet l<»i 17%

Texaco 80 U 86 ^

Texas Comm. Bk 30 1* 30%

Texas Eastern 39% 40%

Texas Gas Tm ... 23% 33

Texas Instrim'ts 81%. 62%
TsxasOllftGas... 21% 32

Texas Utilities... 21% 21%

Textron J8»* 18%

Thermo Eleotton 14 14»«
Thomas Betts ... 40% 42%

Tidewater — 17% 17%

Tiger Inti 65* 6J*

Time Inc 38% 29

Times Mirror ! 37 37%

tragers, traders that specialise on relatively moderate,
merger speculation, are being to HKS237.19m on
forced to liquidate positions exchanges against
because of the ^decline in the HK$210.19m.
value of the stock of Cities Ser- ,
vice that they are holding. 1 OK yO

Cities Service, in an effort to The recent fall in share prices

president of Japan’s Petroleum U.S. dollar and WWI Street

relatively moderate, amounting J sso ^j^o n| was quoted yester- weakness sent stock prices

the four
Friday's

day in the local Press to have
said that “the yen’s deprecia-
tion. if left unchecked, will
threaten the industry’s viability.”
Nippon Oil shed Yll to V809.

Machin e Tools weakened

5 to have broadly lower,
deprecia- Traders remarked Chat a
ted. will quarter-point redaction in the
viability.” French Call Money rate had not

0 YS09. been sufficient to check stock
weakened market fall. Declines Led gains
iventories by 129 to 28 in the French,

1 overseas .section.

and added that it is again seek- m onth low last Friday further Okinna Machinery slipped

ing a merged partner.

Cities Service, which fell 6}

under mine d sentiment.
The Nikkei-Dow

Y23 to Y443.

to S37J on Friday, hod apt yet Average, which was 29.14 lower Ce rman v
traded. Gulf Oil was off I at S25J. ^ half-day Saturday session. J

Australia

Markets were inclined to drift
easier yesterday in very quiet
trading in the wake of the

Steei UUU Sr WU generally £5?*? Bo *« e pric ? B £e l ^LZE* ^ on Wall Street ,

kwljm. is SiSSrS-s

«Kio tho nmnnRpri flCTeement no * n* rm.e TninTA ct. inriov tii 0 entire market. held inuch hettBr th&n , soizic

^ble the proposed agreement
betwen the U.S- and Europe to
limit imports of European steel.

.24. The Tokyo SE index the entire market

analysts had expected, with file f

Closing prices tor North
America were not available
for this edition.

ended 3 43 weaker at a 1982 low In addition to the higher U.S. analysts^ expected, with file
nf 518 buttradiDE 1 volume doUar. firming Interest rates and AJ Ordinaries radex ending
was verv thin, totalling 140m Friday’s Wall Street fall. West only 3.4 lower at 464 .9.
shares, ?oi^ared with Friday’s German equities were depressed

i nn 1 i iiT- ion— — .nnniari in he nimnurs that the nation s 4 cents easier at ASS. * 0 on the

170m and the 130m recorded in
the short Saturday session.

by rumours that the nation s
second-largest Electricals con-

day after touching AS6.64.

CANADA

BELGIUM (continued)

HOLLAND

AUSTRALIA

JAPAN (continued)

Price +oi
Fra. —

Price + or
FIs. —

j Price ;+or ,

Aug. 9 IausLS 1 — | Aug. 9 ; Yen ; -

ANZ Group ! 3.48 ; -O.OZ j K U b«a J 350 1

; l-SD ! I Kumugau 38S . —4

Kyoto Ceramic - 5,480 | —10

AMCAInU 17%

Abitibl 16 s *

Agnleo Eagle 7.75

Alcan Alumin.— 23i*
Algoma Steel. — . 24%

Asbestos It

Bk Montreal

Bk Nova Scotia— 23%

Baslo Resources. 3.66 J 2.66

Royale Beige ] 6,060 —20

6oc. Gen. Banq..j 8.309 —101
Soo Gen Beige-. l,12o| — 16

Soflno— - 3,330| 5

Solvay I 1*910| — 55

Traction Elect ...; 2,440 -60

VleilleMont ! 2,750| 4-30

ssss I =is aie== - 3*8 1358*3 H*i = BssSBsff.-'*gi^

K|~Ss« ha =i? SS£== >s l =§•■ asy?.*!*. i& | — KstshCh iS : =?

soo oen Beige-, 1.120 -36 86 . 5 ( - 0.8 TSCoSlS^S^ ?.?4 + 0.01 Makito.... ! 716 ; +1

AMRO 40.8; —V& AusL GuaranL ' 2.17

Bredera Cert 161.5

Boskalis Western 37.5
Buhrmaiin-Tet ... 32.7|

Cal and HM s. 87.4;

Elsevier NDU ......I 152.5-

Bell Canada —

■1-5 ----- AU9L NaL Inds.... 2.4B
S7.5 —O.l Aust. Paper — j 1.76 '

3 2.7 1 —1.1 Bank NSW - • 2.68M;

£ 7.4; -O.l Blue Metal : 1.S0 ,

53.5. —0.6 Bond Hldgs. 0.95

Bow Valley 13%

Ennla — :. 1 184.5| -1.5 J Borai 2.40

BP Canada 23

Brascan A — 14

Brinco — 3^0

B. a Forest 7S».

CIL Ine 18%

Cad i HacFai rviewi 61*
Can Cement .— ... 8%

Can NW Energy. J 24

DENMARK

Can Packers. 29

Can Trusec 20%

Can Imp Bank.... 18T*

Cdn Pacific 255*

Can. Pac. Ent*.... 14%
Can Tire — — — . 38

Chleftan..... ! 18%. ) 18%

Comlnco j 36% 36%

Cons Batest A.....I 14J* 14%

Con LBk. Canada/ 65* 65*

Cos aka Rbb 1 3.40

65, 65.

.40 3.40

Costaln 6% 6%

Daon Devel 1.75 1.75

Denison Mines ... 185* is»*

Dome Mines 7% 7%

Dome Petroleum 6.00 i 5.00

Andelsbanken — 114.2

Baltics Skand .... 350 +3

CopHandelsbank 126 ! .....

D. sukkerfab 350.6 _...

Oanske Bank. 126 ,

East Asiatic 97.6- +2

Foronde Brygg-.l 667 J + 10
Forende Damp...; S93 —1

GNT Hldg— 1 226 ! —

Jyske Bank;. i 175

Nord Kabei ! 120

Novo Ind. 1,802 +2

Papirfabrikker ..; 77

Prhratbanken I 122.4 _...

Provlnsbanken...! 119 ......

Smidth iF.L.)..™. 186
Soph us Be rend .. 533
SuperfoB 9B —0,

Euro Comm Tst..! 74.5, —

GISL-BrocadeS— . 76^1 — 1

Helneken -.. 6J.4f — 1

Hoogovans ....—! 14.61 — O

Hunter Douglas-! B-B| .....

+ or Int Muller. 17.8i — 0

_ KLM- 81.5, -O

, Naerden 32.4] — O

Nat Ned cart. — 113.9, -O

43.8 Ned Cred Bank.- .£7.5 -1
Ned Mid Bank — 100 J -1

NedUoyd i }06.5| +0

OceGrinten- 119 — 0

+ 2 Ommeren (Ven)_| 21.7; — 0

+ 10 Pakhoed ; 35.6( — 1

74.5. — — Bouganvllle -.! 1.27

76^1 —1.8 Brambles Inds.-.; 1.96

65.41 —1.7 Bridge Oil — ' 2.50

14.5 —0.3 BHP -f 6.70

17ft Ulolia' Brunswick Oil 0.16
fiBA _ ! 3.05

2.50 ' — O.ffS
6.70 ! -O.M

+o!d 2 Marubeni ; 270 ] -3

... Maiudal — • 534 i +1

—0.04 Marui 860 ", —18

Matsushita ! »71 . —13

M'ta Elec Works. 470 I —3

—0.05 M'bishi Bank SOO i

+0JK M‘Wshi Coro «83 - —1

— 0J>3 M’bishi Elect—/ 223 j -4
M’bishi Real EsL 430 —

MHI i

Mitsui CO. ...........

Mitsui Real EsL./ 573

lii'9' 3)7 carltorift“utd!"::j 1-93 j

z" SBREfSK 1 “I j

i?s- 5 i &SSH esa i» !

91 n T Coles IGJ.I „■ ie.xu

isa ~ii Comalco ; 1.95

35.6| -1J i 1.40

23.41 -0.3 Dunlop ! 0:98

Eider-Smith GJW., 2.70

Phillips — .1 23.41 —0.3 Dunlop ! 0j98

Rljn-Schslde _.... I 23.9 +0.2 Elder-Smith GJN.i 2.70

Robeco I 197.51 -0.8 1

Noriameo i 126.6 +0.5 Endeavour Ret- 0.16

ROllnOO - 193 1 —1.7 prnn. Trust 1.48

Rollnoo - i 193

Gan. Prop. Trust 1.48

Roren tp..... .. ! 159.3] +0.3 Hartogen Energy l- 82

Royal Dutch ] .80.6 —1.7 Hooker....- 0.90

-0.10 Mitsukoshl 335

— 0.07 NGK Insulators... 440
—0.02 Nippon Denso— 962

-OXi Nippon Gakkl «2f

Nippon Meat-... ..• 356

Nippon Oil 809

—0.01 Nippon Bhlmpan. 710

—0.02 Nippon Steel 131

+ 0.05 Nippon Sulsan.... 238

NTV ,3,810

—0.94 Nippon Yusen— 229

- 0 - 85 Nissan Motor 1 728

Nisshin Flour-....- 321

Nisshin Steei I«5

Nomura 391

— 61 a ven burg »• , ....... ■ m, auk. ...... , x.ou

Tokyo Pac Hg—: 17|.|| -3.6 J<fn nln^: 1.16

Unilever... - 163.2i —1.1 I JimbaIanal5Dcfp 0.10

ICI AusL

Ji!UJ* v »r- I l g-»| Jimbalanal50cfp' 0.10

^° r a - JJIWnfiN** •> J | Jones 1.55

Vmf Stark _/ 47.4 —0.4 iMturri Oil 0.16

Dom Foundries..] 27S,

| Dom 6torea 13S*

, Dom tar- j 16 %

Falcon Nickel-... 41 %
Genstar....— .. — 9S,

GL West Life 1-80

GulfCanada 13%

Gulf Stream Res. 1.85
Hawk Sid. Can ... _?%

Vmf Stork «J

VNU

West utr Bank L.

FRANCE

Z‘-7 - Y-T I Leonard Oil- 0.16

®|’ 6 , -W MIM - 2.78 ’

65 -0-7 Meakatharra- 2.00

• Meridian Oil. 0.17

Monarch PeL-...' 0-07 <

Olympus.

Orient Leasing -
Plonoar -

995

1,580

1.560

598

+25

-10

-20

476

-16 ,

Sanyo ElecL— ..

380

-5

Sapporo

23B

-2

Sekisui Prefab ..

665

-5

Sharp

810

-10 :

Shiseldo — -

868

-7 i

Son, —

3.040

-60

Holllngar Argus-I 23%

Hudson Bay Mng 14%

Hudson's Bay 17 s$

Husky oil 6%

Imasco 42

Imp Oil A - — 251,

Inoo 10%

Indal 11

Inter. Pipe 18

Mac Bloadal 18%

Marks ft Spencer 8

Massey Ferg. 2.34

McIntyre Mines- 278*

Mitel Carp — 20%

Moore Corp 36

NaL Sea Prods A 7

Noranda Minos.-] 14%

Nthn. Telecom— 41%

Oakwood Pet ll%

Pacific Copper— 1.10
Pan. Can. Pot-... 72%

Patino 17%

Placer Dev,.— 14

Power Corp 8%

Quebec Strgn— 2-80

Ranger OH— —I ei
ReeaStenluA— II

i RloAlgom.. 1 «o%

RoyeJ Bank. r 20%

Royal Truaeo A_:l 12%
Soeptre Rea— ....j 7%

Seagram— — i 58%

Shell Can OH— 17%
Steel of Can. A— ,| 17%

Em p runt 1372 1,748 —13
EmpruntT0 1878.. 6.800 —80

ONES* — 3.175 +14

Mr Liquids — 438 —7

kquitalne- 95.9 —2.1

Hu Pr Intern pa 130.5] — ...

SIC— 422 S

Souygues — 624 —3

Aug. 9

Price 1

+ or

Lire i

Aaslour Gen-

151. BOO

-3.409

Banca Com'le —

51,480

+490

NaL Bank.- : 2.4e

News. j 2.05

Nicholas Kiwi— i 1-26
North 8kn Hill— 1.93

Oakbrldge _.j 1.45

Otter EXpl J. 0.33

Pennon 1.28

— OJM S’tomo Marine —• 210 •
Taihel Dengyo— - 1 *5® I

TaiseiCorp • 232 I

— O.DS Talsho Pharm 586 I

Takeda 775 .

TDK-. -.3.870 '

—0.07 Tallin 205 ;

-0.01 Telkoku Oil ! 885 I

Banca Com'le -..I 51.4M +4K) I Pioneer Co :.. US j -0.06 j Tokio Marino ' 418

Bastogl Rn 70-2 +0j2 I Queen Marg't O.' 0.08 |t8S • 421

BIC 422 -8

Souygues. 624 —3

9SN Qervals. 1,306 —30

Sarrefour 1,430 —15

Hub M editor 602 —8

JFAO 511 -2

ISF( Thomson)— 141.2 —4JB

Oontra/e J 2,520 + 300 RecWttftColman: l>5

Credito Vareslnoi 5,550 +140 Santos I 4^5

Fiat- -j 1.559 +35 Sleigh (HC) _.l 0.95

Flnsider. I 33 ' —3 ” — ■>

Flnsider. I 33 1 —3

Invest- I 8^45 *65

Italcementi - .27.600 +1,80

Montedison ■ 94 ,

Southland Mln'g.l 0.26

Sparges Ex pi I 0.17

J -2 a™*" 1 ■ r 4 gn' Thos - Natwlde... 1.65

141.2] I pirvJIICn ! I'SIS Is Tooth Z - 88

-=ir! re 9P 2.Z&0 *5 UMALrinns « H/l

-®-S ! Pirelli Spa 1,260 +

“2 - I 5nia Viscosa 636 +16 I W^'lTnn. I ns* I "

+ ?’I ToroAssio 11,100 4lw|{StaStoK'SSsri son I I

UMALConS 1.80

Valient Cons 0.08

SZSZ f - *iS5n T^ Weatem Mining. 5.00

do. Pref.. — : 8,000 +4901 WoodrifJ _ Q _ 70

Wood side Petroll 0.70

Woolworths- I 1.47

Wormald Inti | 2.46

~2-JS|TokyoEiect.PwTJ 832 ! —1 1

-O- 10 1 Tokyo Gas J 108 | — ,

......... | Tokyo Sanyo I 404 t 1

TokyuCorp- I »» ‘ l

Toshiba

,TOTO i

— OJil|Toyo Balkan —

Toyota Motor ... . ^ ,

Viotor 1.980 j -50

WaeoaJ 679 -3

- .Yamaha • 650 , — j

— 0.05 1 Yamazakl — . 515 ■ —3

203 ;

378 J -11
395 i -6

418 1

809 ! —3
..980 ; -50

Yasuda Fire

+0.01 1 Yq

228 i +2

481

SINGAPORE

860] -12

Price ' +or
s : —

Teok B I 7.00

Texaco Canada- 29%
Thomson NawsA 20
Toronto Dom Bk. 25%
Trans Can Pipe— IB
7 rams Mntn. OKA. 6%
WalkeriH) Res— 17%
Westecast Trans 12%
Weston (GsgJ 1 29

AUSTRIA

J Price + or

258.3
165 ,
126 1

I 1

1

—3

5.2

5

1.7

184 |

— 3

..5

+ or

Prlc*! -
Fra. ]

Fuji Bank

Fuji Film......

Fujisawa..-

Fujitsu Fanuc— 3,650

Greon Cross—.. .

Hasegawa

Heiwa Real Est...

113 -3.5

6«Ue(!9/G

. wAam

120 J (0/3)

(**) Saturday Aug. 7: Japan Dow 7D39.14. TSi 522.09.

Bsae vsluaa of all indices am 100 except Australis All OrdinerY and Metals—
500. NYSE All Common — 50; Standard and Poors — 10; and Toronto— 1,000: the
lest named baaed on 1375. t Excluding bonds. * 400 industrials. § 400
Industrials plus 40 Utilities. 40 Financials and 20 'Transports. c Closed
u Unavailable.

| 3,135 —45

8,0501 -10

222 . 1 — 5

Hitachi..

Hitaohi Kokl

3j 45 -a®

Financial Rand US$0-75jr
(Discount of 12k%)
BRAZIL

Housefood

Price +°r
Cruz —

1.6° • -«■»

15.50- *0#

mm

mo*

Financial Times Tuesday August 10 1982

Companies and Markets LONDON STOCK EXCHANGE

RECENT ISSUES

Sterling weakness and gloomy economic situation
Continue to undermine equity and Gilt markets

Account Dealing Dates
Option

‘First Declara- Last Account
Dealings lions Dealings Day
Aug Sept 2 Sept 3 Sept 13
July 19. July 29 July 30 Aug 9

lation. Despite another early
plunge on Wall Street early
yesterday, the 30-sfcare index
closed 8.4 down at 540.4. its
lowest since January 18 and 53 6
points off the -1982 high recorded

adverse comment

Aug 2 Ang 12 Aug 13 Aug 23 -in June.

Aug 16 Sept 2 Sept 3 Sept 13 With prospects for another
. •-«' Nawtim* "• duimgs may round of base rate ciri* receding
. piac« from’ a jo am two businsu days owing to current pressures on
’ darner. ' sterling and the latest rise in

• Worries about sterling, which

yesterday tumbled to a fiS-mooth Govercnn-etrt security

tho rfrkiiar naniv re- 8 ave ™re ground. . In tins

low against the dollar partly re-

anr .Jzi t k 0 jatflct nf this sum- rnaTKet, too. lower opening quota-
553 ?* rions deterred sailing of any size

SSc 6 bSXTJ

stale of the economy as pre-
sented last week hy the CB1,
were two of several adverse

and longer-dated stocks moved

abore the worst Carly lasses of
2 at both ends of the market
were later reduced tn around f.

Financial Group

I F.T.” Actuaries Index ! I

i n „„„ .^..1 ■„ i ._j~. yveif idler leuuixu *11 uiuunu i.

London stock aJthou ^ one or ^ imu „ dosed
w , u with t-pomt falls. The FT

Government Securities index
SS???®* 1 relinquished most of last week's

group’s Norval drug. Beecham
lost the same amount to 2S0p,
while Glaxo gave up 5 to 715p.
after 710p. BTR fell 6 to 314p
and Reed International 4 more to
254p, the latter on farther con-
sideration of the poor first-
quarter figures. F Iso ns declined 7
to 358p and Unilever dipped 5
to 605p. after 60Gp.

Hong Kong issues were flat- in
the wake, of the near-SO point
fall in the Hang-Seng index.
China Light plummeted 18 to
119p as did Hutchinson Whampoa
to 130p. while Swire Pacific A,
91 n, and Jardiue Matheson, 150p,
fell 12 apiece and.' Wheelock
Warden lost & at- 4&p. A “ sell "
recommendation dipped 3 more

the cheaper

Carrington

from English China Clays at ISOp. j ust before tfaa dose, when there

index is at a 2 &montb low point
as a result of similar concern
over U.S. industry — and rising
short-term XJS) interest rates
despite the administration's
. attempts to ease its tight
. monetary policy.

London equity dealers adopted
defensive tactics at the opening.
Leading shares were lowered
. several .pence in order to deter

overall gain to close 0.27 lower
at 72.39.

while Aeronautical and General were signs of renewed steadiness,
eased 3 to lS5p awaiting today’s Among the heavyweights,

I I 1 I I I I I I I annual figures. Against the trend. President Brand at £13! and

•81 1982 Kennedy Smalt advanced 12 to President Steyn at £12* both

175-p in response to a Press sag- closed 2 down, while declines

. Ke 6 ticm of an imminent bid of 0 f around J were common to

outset, Electrical leaders later around 200p per share coming Randfonldn at £26. IVinkelJiaaJc
rallied on cheap buying but Mali from Charley Hill of Bristol, jt £12? Sonthvaal at £15i Vaal
dosed with falls ranging to 9. Manchester ship Canal jumped n K fc a ’t waz Free State Geduld
Thorn Em ended ft a* much 10 to 72p on the reduced interim “t and St Hrim at £11
lower at 40Sp. while BICC deficit, while nwek encountered “

cheapened 5 to 290p. after 285p. speculative support and finned Kln _ r ®*®

CU edge forward

Commercial Union, which
starts the Composite Insurance
interim dividend season today.

3 to 127p and London Scottish outset, Electrical leaders later
Finance softened 2 to 43p. rallied on cheap buying but still

Lack of investment incentive dosed with falls ranging to 9.
which prompted another dull showing Thorn EMI ended that much
wanes among leading Breweries. A lower at 40Sp. while BICC

edged forward a couple of pence a f.tg r the

firmer undertone was noticeable cheapened 5 to 290p. after 285p

close, but Plessey picked up from 50Gp to 2 } to 9p.

at £12 and St Helena at £13.

ERPIYf fell 40 to 413p. Kinross
31 to 531p, Grootvlei 26 to 30gp

to 137p. General Accident, which most 6t ill finished at the day’s finish only 2 off on the (fay at 'Th e increased interim profits Durban Deep 21 to 974p.

softened 2 to 304p, while GRE g to 237p. Arthur Guinness shed less relinquished S to 262 p, Travel were well discounted and.

nervous seJJjng and the report Orst-balf results tomorrow. worst Grand Metropolitan eased 520p. Elsewhere Cable and Win*- and dividend

manoeuvre met with a large softened 2 to 304p, while GRE @ * 0 ogjp Arthur Guinness shed " ‘ "

measure of success. Most blue shed 6 to 292p. 2 more to 67p. Recently buoyant

clups eventually edged away a dull market since last ciders also' trended lower and,
from the lowest as professional Thursday's disappointing interim despite a favourable mention,
operators sought to close bear figures. Barclays rallied 2 to 378p h P Bulmer dipped 15 to 55Gp.

Horizon

shed 6 to 202 p. .

A dull market since last ciders' also ' trended lower and, Scientific 7 to 345p and Dubilier view of <eeond-haIf trading, the The gold-based South African
Thursday’s disappointing interim despite a favourable mention. 3 to S 8 p. Against the trend, Pifco shares fell to 176p before rallying Financials suffered, with both

The Gold Mines index lost- 6.9
to 247.8, . and gold closed at

2 more to S7p. Recently buoyant Ferranti

foil owing the company's bearish S336.50. down S10.

positions,

interest

but institutional
was virtually non-

in a lethargic banking sector.
Discount Houses trended lower

exlsttent. Inquiries from smaller jn sympathy with silts: Cater
investors were also extremely Allen declined 10 to- 330* and
slow. ... faJls of 7 and 8 respectively

Illustrating the extent, of the were seen in .Union, 465p. and
early . mark-down, the FT Gerrarri and National, 300p. Hire
Industrial Ordinary share index Purchases also came on offer,
was 10:1 lower at the first ealeu- . Provident Financial relinquished

while Merrydown Wine
marked 5 lower ' at 160p.

issues hardened, the ordinary
and A ending 10 and 5 up
respectively at the common level

to close

l$tp.

down on balance at

Amgold and Gold Fields of South
Africa l poorer at £32} and £311

A gloomy survey from the of 165p. Dealings in Newman

' 1 - e HIM., riienanriarl a t Kn

Allen declined 10 to- 330* and Federation of CVtil Engineering Industries were sus
falls of 7 and 8 respectively Contractors took its toll on send- pending further
were seen in . Union, 465p. and ment in the Building sector', falls financial proposals.

Industries were suspended at Sp and Counties, to 12 Sp, while ... . „

pending further details of Daejan fell 4 to 158p and Samuel on5i enc ? ,l »*?L « ■ ?«?**' *

financial proposals. ended the same amount lower at at-._0«p and Middle Wits at

The Engineering sector re- S7p. Property Security Invest- 4KI P were a11 around 10 lower,
mained sensitive to scattered ment softened’ the turn to USp but Sen trust recovered fromlast
offerings . following recent following the results, and Far- .weeks heavy decline to close at
prominence given to manufactur- .Eastern advices left Hong Kong 42 S P- U P' la
ing industry’s fears of a further Land 6 cheaper at 61p. . London Financials had a

In * ro P ert .* s - ^ ani * Securities respectively, while Geneor gave
eased 3 to 2i3p as d>d Capital up jq t 0 770p.

of 10 being marked against The Engineering sector re-
Taylor .Woodrow. 510p. Tarmac, mained sensitive to scattered
Slip, and Newarthlll, 470p. Still offerings . following recent
overshadowed by the decision to prominence given to manufaclur-
peg cement prices. Blue Circle ing industry’s fears of a further
weakened afresh to 43 Op before decline into recession. Simon
settling at 435p for a fall of 10 closed another 7 lower at 353 p.
on the day. Further profit-taking while Babcock ended 4 down at
Jeft Barra tt Developments 5 dvvn lOlp and John Brown 3 cheaper
at 291p. while Y. J. Yovell came at 39p. ML Holdings fell 10 to
on offer and gave up 9 to 130i>. 2S5p awaiting today’s pre-
ICT onened lower at 284n and liminarj- figures. Sroaller-pnced
eased fur-tiler to 278o hefore issues to give ground included
closing at 280p for a fall of 8 on J. H. Dennis, which eased 2 to
the day. Elsewhere in Chemicails. 14p. and A crow A-, a similar
Laporte eased 3 to 151-p and amount lower at 23p. Against the

FINANCIAL TIMES STOCK INDICES

Aug. i Auj

I A

Aug. ; year

* ! ago

Government Seoi..., 79.39 72,66! 73.03 73.15. 73.06 72.78, 64JS

Fixed Interest -72.94, 75.25j 7S.42| 73.30 1 75^2 72.92 1 65.44

. Induetrlal Ord 1 540.4 548.B 559.7; 560.3 1 • 566.2 1 558.8; S43.8

Gold Mines ; 247.8' 254.7 256.7; 2553. 261. l' 256.5' 358.4

~ Ord. Dlv. Yield. 6.46 5.58; 5.26 5.26 5.22, 5.271 5.79

” Earnings. Yld.* 11.70 11.51; 11.28; 11^7} 11.22 11.34 10.53 I up 7 to 233p.

Oils doll

Marked down initially in tiie
wake of last Friday’s weakness

London Financials had a
reasonably, active day and regain-
ing some ground towards the
close after . having opened
weaker. Gold Fields lost S to
387p. Charter 3 to 167p after
1B5 p at one stage, and Rio Tinto-

issues to give ground included nff a shade further. A subsequent
J. H. Dennis, which eased 2 to rally left quotations a. few pence
14p. and A crow A, a similar above the worst, British Pelrol-
amount lower at 23p. Against the e um closing 6 lower at 260p. after

on Wail Street. Oil diares drifted Zinc closed jus f a ’ P e nny Reaper
nfF a shade further. A subsequent 307 ^ after 394c

mHv lo/t AiiAtotirmc ■ Cmir nonoo *"

Arrow 2 to 45p. Amersham gave trend, Laird Group firmed a 25 &p, and Shell ending a like

I - P/E Ratio *n«tj 1*1 ; 10.34 10.51; .10.69! 10.70{ 10.75- 10.63,' 12.07

- - Total bargain* 16,028 16,135 15,500 15,688:. 16,846 15,19616,707

Australians also saw good two-
way business, with most of the
leading stocks around: 6 cheaper,
as in Western Mining, 172p. MIM

penny t« 112p in response to amount down at 36Sp after 366p.- as ln westero Mining, i/ 2 p. MIM
favourable Press mention. Lead- Tricentrol held' steady at 174p' Holdings 15Sp and Meekatharra

Equity turnover £m - - >106.54 120.12' 116,66 169.83 110.1«i 120.75
Equity bargains......,' - : 10,298 ll.OlOi 11,4971 12,732 11,968 13,537

10 am 538 7. 11 am 539.1. Noon 540.5. 1 pm 540.9.

2 pm 540.9. 3- pm 540.6.

Basis 100 Govt. Sses. 16/10/26. Fixsd Int. 1928. Industrial 1/7/35.
Gold Minn 12/9/56. SE Activity 1974.

Latnt Index 01-246 8026.

• Nil-9.60.

Stores dip and rally

ing issues usually closed a few
pence lower, but TI hardened a

-in front of today’s interim
figures-. Among the exploration

Minerals llOp. CRA lost 8 to
176p. while Gold Mines of

Marked sharply, if selectively, tomorrow's half-year statement,
lower at the outset leading Foods drifted lower for want ^, er ‘
Stores attracted a reasonable two- of attention. Cadbury Schweppes
way business and most reverted eased 3 to 102p. while Rowrvee gg D
to Friday’s closing positions: Mackintosh gave up 4 to 174p. if:
Gussies A. down to 502p earlier, Follow-in-g the announcement that

couple of pence to 98p 3 waiting issues ' Berkeley cave up ID to KaJjtoorlie closed 10 lower at

A ■- U.lr ... 1 _ . . . _ r _ tilCn

I28p, while falls of around 5
were recorded in Caodecca. 197p,
Car less Capel, 14Sp, and Marinex,

HIGHS AND LOWS

S.E. ACTIVITY

! ■ .1982 • Blnoc Compllst'n

High . Low High Low

■ ' "—Dai 1 1

Govt. S«CA .. 73.15 , 61.89 ' 127.4 49.18

• t4iai < is/ii

Fixed Jnt„... 73.42 > 6 S 1.79
>a/Bl .. I7ll!

Ind. Ord 594.0 j 518 1

IliBI | IWlJ

OoldMinoa.. 502.0 J 181.2-

(9/1/15/ (3/1/751 . e J33S"-
1 150.4 50.53 • Bargains...

lSB/n/4r> (3/l/75i , Value .......

597.3 . 49.4

Bargain*. 221.6, 229.3

21 5.3 2^2.8

« 0 7 t 40 4
(H/4/S1) (28/6/40 1
558.9 43.5 'Equltias

recovered to close unchanged at the company is to close its

51Qp. as did British Home, at Liverpool factory. Barker and

lfilp after 157p. F. W. Wool- Hobson finished 3 harder at 6 Jp:

worth, still nervous awaiting the price In Saturday’s issue was

tomorrow’s half-timer, eased the incorrect.

turn to 44ip. Adverse comment

clipped 4 from Habitat Mother- _

care at 156p. Movements of note Bl)L uQWH BgcUll

in secondary issues were few and .

far between although useful sup Miscellaneous industrial

port was noted for E. Upton leaders 'began the week with

which firmed 3 to 37p with the fresh falls. An early sharp mark-

A 6 up at 31p. Waring and down and renewed selling

Gtilow. on the other hand, shed brought further sharp falls and

iuacKmrosn gave up v io Trusts followed the equity

* 0 l, 0 lS^iH"i? t]n f? e S2l^5 seators lower. Far Eastern
BarkJr aid * dvicM ]eft 3n6in * Securities
SS IS dov/n at 112 p. Among Finan-

195p. . j

Renlson' slid 12 to. a low. for
the year of 112 p oil sews of
tiie cost-cutting measures whicb
underlined the seriousness of
the company's position.

Volume in Traded Options
continued to expand and 2.483

EQUITIES

IHU* ’§*?S«

■ price joj 2 i3 ; -
p

■eg •'.^§-SS:|S
■t n + or^fe 2 SS S S

Vlyella eased a fraction to Sp
following another sizeable mid-
term deficit

Tobaccos lacked support and
Bate declined 7 ‘to 451p. after
44 8p. Imperial, additionally -un-
settled bv a . ** take profit? "
recommendation, dropped 5 - to
91p.

Golds lose ground

. The 810 fall in the bullion
price between the close on Friday
and yesterday’s opening quot-
ation caused widespread fails in
South African Golds, ' and the
.market remained nervous until

>«£,-'* ; High Low. ®

F.P. - — 45 : 37 Anglo-Nordle Sp ...... 37

*5 ;F.P. — 82 ig' 75 Antofagasta HWgiiC] 80

T? - jSO/7 i 30 ! u lArgyll Food# Warr’ts, 17

145 F.P.! — • 46 : 34 Atlantis Res- int 35

— F.P. — , 24 | 24 Bsraclin Holdings Sp 24

33 F.P.'- 7/9 66 ; 44 ; *BJ 0 - Isolate* 10p.. 57

135 F.P.' — 43 | 38 ^Coleman Milno lop 42

|S8 F.P. 30/7 59 - 52 *Dencors 54

- F.P. 39/1 1106 ,100 ,*EcobrlEN8wOrd£ 1.100

b0.89 2.0 3.4 20.5

7.0 3.6 11.5! 3,8

+ . 1 .. 0.65 1.3 3.955,6
+2 u 1.5 3.8 5.1. 6.8
!!!!!. bd 10.5 1^'U.0. 4.4

iccne was cials ' Aitken Hume fell S.tD 157p contracts were done. Once again,
SatUrdayS E and losses of 5 were marked a significant amount of business

F.P. - 63 ' 60

tllO F.P. 17(9 '188 160
{60 :F.P.' 6/8 60 49

1137 F.P, 30/7 195 150
»120 F.P. 27/8 171 153
{ISO 'F.P. 13/8 '155 ISO
- F.P,- - 25 ! 20

Do, Dsfd

160 •iilnt'euroDeTeGh.SOp 163 —2
49 v Knight Cm ptrjnt&p 46 -1
150 .^McCarthy 6r Stone ..'187

153 .Multitone Elect 168

160 ■J-Oilftald Inap. Srvo .. 153
20 RtT * NortharnWar'ts 80 -!

F.P.' — . 38i|' 38 Rowe Evans Inv. lOp. 34

F.-P.' —13 l 12 ^Sheraton secs IDp.. 12

F.P. — 44 57 .Walker .Alfred' 10p„. 37 -tt? bO.75 6.3 2.9 6.9

F.p.l - 36 30 •frYsIverton Invs. 6p,.' 39 .-1 - - —

u4,0 1.8 5,5 22,7
bdl.6 3.0 4.7 15.8
bB.73 2,7. 4.4 11.3
U2.53 3.4,2,114,9
u2.1 - 3.7 3.0.17.4

,i Z - ; - .' 1 L 9

FIXED INTEREST STOCKS

luue | | s « = •: : fie + or

price , ot» : £ 2 a Stock ' “ o . —

« E« '-Sti! :. 5^!

j ! High 1 Low ■

■ - F .p. I _ BOp' 53p Antofagasta 3,5% Prof.'£l) ! 55p '

99,528 '^20 - 23S 4 : 21 1» Australia 13I-^Ln.2D10.. . ZHr-1

eiao IF.P. 29/7 liooii! 95 Crenlta 149, Cnv, Uns. Ln.'92 -97

10O | F.P. . — 101 ij 100 ^'Nationwide Bdg. 6oc. 14% (4.7 83- ... IOIM-Ib

100 | F.P. I - .1007 S 10D1« Do. 131jH26/7f85'. IDOTj ......

10O F.P. - 100 ■ 9B« Do. 1173iil5.8rB3i.10O

99.340, 1 £35 ' - . £933 24ig Now Zealand 14 \a% 1987 29 -S«

100 £25 ' 9/9 . 251, 35 Portsmouth Water 14* Red. Deh. '92.- 25 — i*

(|R£1 . F.P. ■ 3<9 . 82 .82 Smurflt iJeffersoni Prof. Units 2p ' 82

*100 ;cio ,17(11. 14 1, 131, West Kant Water 8*i% Rod. Prof. B7-B9 14is

“RIGHTS” OFFERS

Issue ■ 3“
price g-g

P i < Q

Latest

Renunc.

date

ISO

Nil !

_

60pm

44pm Automated Security lOp.,...

44pm —4

170 -

F.P. 113/8

24/8

190 i

180

Bank Laumi <UK)£1

ISO . ...

100

Nil ! -

30pm * Berkeley Exploration £1...

30pm— •

103

F.P. | BIB

17fB

122 :

117

Blundell Permog laze

117 , — 2

78

F.P. 2; 8

17/9

an 1

BO

Goal Pot. 6p

84 i ...

.25

F.P. 26/7

3r9

25 lj

22

jenka A Cattail .. ...

22 . ...

65

F.P. 130/7

20(8

81

73

Minster Assets

76 — 1

50

F.P. Z4/6

13/B

62 i

52

Press 'Wm.i lOp

60 —1

215

F.P. , 5/7

13/8

283 ,

269

Sketchtey

2B1 -1

Rsnunelsdon data usually last day tor dealing Iraa ol stamp duty- 6 Figures
based on prospectus estimate, tf Dividend ran paid or payable on part ol
capital: cover baaed on dividend on lull capital, o Assumed dividend end yield,
f. Indicated dividend: cover releieg tc'pravloui dividend. P/E ratio based on latest
annual earnings, u Foraeast dividend: cover based on previous year's earnings.
F Dividends .and yield baaed on prosoactus or other official estimates for 1S83.
Q Grots. T Figures assumed. ® Figures or report awaited, f Cover allows for
conversion ol shares not now ranking (or dividend or tanking only for lestncted
dividends. $ Placing price, p Panes unless otherwise indicated. 1 1ssued by
tender. H Offered to holders of ordinary shares as a “rights." *• issued by way
ol capitalisation. Si Reintroduced. 11 lasuad m connection with reorganisation
merger. or take-over. Id Introduction. □ Issued to former preference holders.
■ Allotment letters (or lully-paid). • Provisional or partly-paid allotment letters.
* With warrants.- tt Dealings under special Rule. 6 Unlisted Securities
Market, tt Loqrion Listing, t Effective issue pnee after scrip, t Formerly
dealt In under Rule 163(2)(a). -fit Unit compriaing five ordinary and thraa
Cap. shares. V Issued _fre« as an enutlamont to ordinary holders.

FRIDAY’S ACTIVE STOCKS

Based on bargains recorded m SE Official List

’ Stock

RTZ

GUS ’■A" . . ..
Racel Electronic
Barclays Bank .

Friday’s
No. of closing
once pnea Day's
changes pence change

against AJcroyd and Smlthers, was transacted in puts reflecting j •

23Rp. and Exco. 198p. ■ ^ t«. I

BOC doivn again

Miscellaneous i

the weak tone of the London

P. and 0. deferred stood out equity market. Imperial Group
in dull Shippings with a fall of were particularly active, record-
7 to l-Hp. Ocean Transport ing 551 calls. 210 in the August

BPB Industries
Blue Circle.
Siand'd Chart'd
BAT industries
Chartpr Conn'd

Fieonj

Unilever

Friday.’*

No. of closing
price once Day's
changes pence change

Miscellaneous industrial 7 to H4p. Ocean Transport ing 551 calls, 210 in the August

leaders 'began the week with closed a penny off at 11 6p await- Ws, and 232 in the- November
fresh falls. An early sharp mark- ing today’s half-year figures. • 90's, and - 181 puts; the August
down and renewed selling' Textiles again featured Hotting- 100’s attracted 18 trades and
brought further sharp falls and ham Manufacturing which, closed 4 higher at 8 p. Lonrho

226.8 218.6

(22/Si (22.9/80;- (2Sil0i7fj Bargains... 74.5

A 6 up at 31p. Waring and down and renewed selling Textiles again featured riotnng-
Glllow. on the other -hand, shed brought further sharp falls and ham Manufacturing which,
3 to 77p. Currys. 160p. and Owen BOC,. down 9 on Friday, fell 8 haring announced disappointing
Owen, 157p. both lost 8 . while more to 160p on nervous offerings first-half figures last week.

Value.. 247.0 262.6

Polly Peck fell 10 to 325p.
Marked down pharplv at the

more to 160p on nervous offerings first-half figures last week,
ahead of Thursday's third- remained undpr pressure and fell
quarter figures. Still unsettled by to 16Sp before closing a net 6

100's attracted 18 trades, and
dosed 4 higher at 8 p. Lonrho
remained to the fore with 414
calls transacted. 338 of which
were struck in the popular
November 80’s.

ACTIVE STOCKS

Abova averaga activity was noted in the lollowmg stocks yesterday
Closing Closing

price Day’s pnea

Stock

pence

change

Srcefc

pence

change

BICC

290

- 5

Manchester Ship Canal

72

+ 10

Barrett Devaioprnents .

291

- 5

P 4 0 Deferred

144

- 7

Blue Circle ’,

435

-10

Plassey

510

- 2

Glaxo

715

- 5

Renton

112

-12

Honron Travel

181

- 7

RTZ

337

- 1

Kennedy Small

176

+12

Unilever

6(5

- 5

FT-ACTU ARIES SHARE INDICES.

Thtsc indices an the joint compihttea of the FimnefaJ Times, tht Institute of^ Actuaries
and tin Faculty of Actuaries

ESU1TY GROUPS

\

Won.

& SUB-SECTIONS

r -

Figures ht parentheses show number of
stocks per section

Index

No.

Wy

Change

*

1 1 CAPITAL COCOS (209)

300.73

-X5

Fit- Ttar Wd Tues Year

Aug Aug Aug ‘ Aug ago

6 5 4 3 bans.)

Eil [ Graa

YWd'% Ratio I India index Index I Wot I Index

No. No.

BulMLig MaUrrats (23)

Contraction Construction (28)

Electricals (31)

Engbwtrfng Contractors fll) —

Mechanical engineering (67)

Metals and Metal Forming (11) —

Motors (20) :

Other Industrial Materials (18)

CONSUMER GROUP (202)

Bmrere and DfctiHars (2Z) — —
Food Manufacturing (22)—

Food Retailing (14)

Health and Household Products (9).

Leisure (23)

Newspapers, Publishing (13) ~—

Packaging and Paper (14)

; Stores (45) —

Textile (23)

Tobaccos (3) — —

Other Consumer (14) - —

tTNtt GROUPS (76)

Chemicals (15)

Office Equipment (4):

MteelMnewBf44) —

IHQUSTRIALSR0UP(487)

no*?*

500SHAM INDEX — Z

FINANCIAL fiMUP 0175— —

RanWhJ :

DUcount Houses (9)

lnuranoe'(Ufe)f9).— -

Iiwaance { Compo site) (10J

Insurance Brokers (7) r — .. — w —
Merchant Santo (13— r~

Property (4 9)u- —

Otter fltanriai (15) asa

- 1 nrastm e nt Trusts (111)

6finingF7/wice —

Owsets Traders (18) ^

ALL-SHARE INDEX (730)

328 S3
611.75
1544.75
468 M
19X36
139 J*
77.78
S3732
312.67
34037

402.92 482J6
34X19 34X84
624.64 62X07
159271 159184
477.07 77561
19684 196.99

246.73 345.79
8329 80 JO
34925 349.96
32X47 32239
3SSJ0 M3J2 2
27X01 27*20

673.73 676J5

497.93 497 JO
41X61 41561
523.78- 52641
135.43 24X61
28815 28*24
26673 21749
347 24 34 4H
26326 26329
29350 25446
32946 32841

9641 97«

579.91 57941
34878 34AM

65X57 1 aTJil

24945 25123
261.97 27255'
258.0S 257.45
269J2 26959
15836 15931
537.71 51E51
13823 13852
41X74 <2040
17044 170.47
29(35 295 76
285.48 20656
363.90 36415

i 405.ll
J 346.95
62(51
3S9735
47541
197.94
14747
8X49
35125
324.90
3W29
27940
.68056

499.72

418.72
52541
14X48
29X99
269.17
34746
26341
25647
33241
9344

2 U5)ws—

3 'tolSiw.
'4 InidtimtfM

5 USKti —

KZZ3 IK7ERES7

Um W3 -W
ug ttvge Aft
9 % A

j 31549 1 -623 33416

rmji -UK U7«

1204S ! sx mss

»« - 3 J 5 124-53
23732 - -133 337.97

“Ha ’^9M ~nm
iMf ~^r‘.’ r uSs\

AVntABE ARMS
REDEMPTION YIELDS

Men Frl Ytar

Aft Aug ago

9 6 (ipprax)

ixlt 1 ^ 5

b Me 2 15 pais..-

3 25 je«— ..

4 Meftra 5 jews-..

5 Cason 15 jttL™

- W 6 25 j»-

117 847 7 High SWL.-

. 7 .» 8 Cot pm ,15]«w~..

I* 9 sm-

- 727 ho hrgwftMN

046 747 jn Btts A Lons 5 years!

- 347 14| Mean.

- • *+

NEW HIGHS AND
LOWS FOR 1982

NEH’ HIGHS (16)

BRITISH FUNDS <1>

Exc/rar 9',nc 1SB2

CORPORATION LOANS (2)

G.L.C. 12 <;pc 'S3 Lon 6 on Core. 13^vc

UMWEALTN A AFRICAN LOANS <11
Australia 8 P« 81 -SS

CHEMICALS (1>

Cib> Ge'gy S^ce Cnv.

1982-95

STORES C21

Liberty MMiPrt* Leisure

ENGINEERING H>

Fprmer CS. W .»

HOTELS HI
Quern's Moat 10 ':dc
C on». 1B89-91

INDUSTRIALS <*)

Dwelr Group Rlcsrttp

Kennedy Smale

PAPER (1)

Harr lien Cowlcv

TEXTILES (1>

1 Stirl/np Group

TRUSTS <21

New Tbrog. Inc Tor inv. Inc.

NEW LOWS (130) .

INT. BK. A O'SCAS GOVT. STLO. ISS. <H
AMERICANS M)

BANKS (2>

BUILDINGS Ml
CHEMICALS >2 1
DRAPERY 8 STORES (XI
ELECTRICALS <21
ENGINEERING (271
POODS (51
HOTELS (Ti
INDUSTRIALS (311
INSURANCE Hi
LEISURE (1)

MOTORS (3)

PROPERTY .61
SHIPPING 111
SHOES n>

TEXTILES III
TRUSTS (171
OIL 8 r GAS (91
PLANTATIONS (11
MINES (101

RISES AND FALLS
YESTERDAY

Rises Foils Same
British Funds . 1 81 9
Corpns. Dom. h

Foreign Bonds ( 2B 42

industrials

67

Financial A

Prop*. . .

99

Oils

8

Plantations . .

—

Mlnej

9

Others ■

40

Totals

IS*

41 M

4 1R

M FB

60 47

OPTIONS

First Last Last For

Deal* Deal* Declara- Settle-

lugs tugs tion ment

Attg 9 Ang 20 Nov 11 Nov 22
Ang 23 Sept 3 Nov25 Dec 6
Sept W Sept 24 Dec 9 Dec 20
For rate indications see end of
Share Information Service
Stocks favoured for the call
included Nlmslo, Turner and
Newall, ICL, Fitch Lovell, West-
minster Properties, Blue Circle,
Tozer Kemsley and Millhourn,

I Glaxo, Sound Diffusion,
Premier Oil, Multitone, Sompor-
lex and Bio-Isolates. No puts
were reported. Double options
were arranged in Turner and
Newall, IQ and ICL.

WORLD VALUE OF THE POUND

Tbs taWs bifow gfvg* rfip latest
available rate of wohange lor the
pound against various currencies on
August 3 1382. in some cases rates
ere nominal. Market rates are the

average of buying and . selling rates Abbreviations: (A) approximate rate, commercial rate; fch) convertible rate;

except where they are shown to be no direct quotation available; (F) free ffnl financial

(exC) exchange

otherwise. In eoime eaasa market rates rates: (P) baaed on U.S. dollar panties certificate rate: (ncj non-commercial

have been calculated from those of and going starfing/doller rams: (T)

foreign currencies to which they era
Had.

tourist ■ rats; fBas) basic rata: (bg)
buying rate: (Bk) bankers' rates: (cm)

rate; fnom} nominal: (c) official rate;
(ag) selling rata.

PLACE AND LOCAL UNIT

Afghanistan Afghani — ’

Albania Lak

Algeria Dinar ;

..j..,, i French Franc 1

4nd0 "* • Spanish Peseta |

Angola Kwania |

Antigua <F> E. Caribbean 9

Argentina,. Ar. Peso

Australia if i Australian S

Austria Schilling

Azores Portugu so Escudo;

Bahama* Ba. Dollar

Bahrain Dinar 1

Balearic Idee Spa. Peseta

Bangladesh Taka

Barbados - Barbados 8 1

Belgium B. Franc

Belize B s

Bonin O.F.A. Franc

Bermuda. BdaS

Bhutan Indian Rupee

Bolivia -Bolivian Paso "

Botswana ...._ Pula

Brazil Cruzeiro ZZ .

Brit. Virgin Hies. .. U.S. S

Brunei S

Bulgaria Lav .

Burma Kyat

Burundi Burundi Frans

Camero'nRepubllc C.F.A. Franc

Canada Canadian 5 .

Canary Islands. ... SpanlahPeaeta
Cape Verde rale. .. Cape V. Escudo
Cayman Islands ... Cay. Is. S
Cant. Air. Republic C.F.A. Franc

Chad C.F.A. Franc

Chile C. Peso

China Ranmlnbl Yuen

Colombia C. Peso

Comoro islands.. .. C.F.A. Franc
Congo 'Brazavtlle'. C.F.A. Franc
Costa Rica Colon

Cuba Cuban Peso

Cyprus Cyprus £

Czechoslovakia. .

Denmark

Djibouti

Dominica

Danish Krona
Fr.

E. Caribbean 8

uomlnlcran Repub. Dominican (Peso) |

VALUE OF
£ STERLING

.. 89.00

9.85
| 7.8670

I 11.895
I 1S3;70
• i (CM) 60.7025
! i (Ti 68.691
4.59

term 58,007 -
lint 65,084
. 1.7285
30.055
o; 1*6.75

1.7000
' 0,633

■ 193.70

f 38.25

; 3.40 "

. < 1cm; 81.70
I !(frt) 86.30 ’
3.40

i 594.75 -

I 1.7000

[ 16.35

-I .< font) 74.80
I ifFIIA) 170.0
1.88 50
314.55
1.7000
3.6750
1.6810
13.5289
137.888

694.75
i 2.1530
< 193.70
I ■ 92.70

1.4165
i 694,73

594.75
i NiA

5.3519
I IF) 109.87

594.75

604.75

■ i (Oi 64.60 (5>

; ilFi 93.50

, 1.4055

0.S37

i/fearm 10.80
■l ft/0 18.91
: Imia.ao
14.90

I 290 i ft)

1 4.39

Ecuador Sucre

Epyot Egyptian £

Equatorial Guinea Ekuele
Ethiopia Ethiopian Birr

Falkland islands
Faroe islands....

Fiji Islnds....,

Finland

France

FronohCtyln Af*
French Guiana .
French Pacific Is

Gabon

Gambia

Germany i Eastl..
Germcny iWesti.

Ghana

Gibraltar ....
Greece

.. Falkland Is B
.. Danish Krone
.. FIJ IS
.. Markka
„ French Frana
O.F.A, Franc
.. Local Franc
i. C.F.P. Franc
. C.F.A. Franc
. Dalasa
. Ostmark
Dautseh Mark
. Cedi
Gibraltar £
Drachma

I 1(0*56.12
> ilFi 101.58
(W 1.41 -
3B7.4
IP) 5,5400

. 1.0

14.90

■ -1.6105'

8.1620
11.B9B
594.75
11.893

200 isg}

394.75

4.0
4.2S5
4.285
*.70

1.0

- 130.445

PLACE AND LOCAL UNIT

Greenland

Granada ... . ......

Guadeloupe

Guam

Guatemala

Guinea Republic .

Guinea Bissau

Guyana

. Danish Kroner
. E. Caribbean f
. Local Franc
. U.S. *

Quetzal
syli
. Peso

..Guyanese 4 ...

Haiti Gourd

Honduras Repub... Lempira
Hong Kong H.K. E

Hungary. ....... 7. ...... Forfnt

Iceland ............

India

Indonesia

Iran

Iraq . ..

Irish Republic .

Israel

Italy—

Ivory Coast.

Jamaica

Japan-

Jordan ..... ......

Kampuchea . ...

Kenya

Kiribati

Korea (Nthl.. .

Korea iSth*

Kuwait

Lebanon

Lesotho

Liberia

Libya

Liechtenstein

Luxembourg ..

L Krona- •

. Ind. Rupee
.Rupiah—

. Rial

Iraq Dinar
Irish £

. Shekel
. Lire

. C.FJL Franc

. Jamaica Dollar
Yen

. Jordan Dinar
. Riel

. Kenya Shilling
: Australian S
Won
Won

. Kuwait Dinar

. New Kip
Lebanese £

Lori

Liberian *
Libyan Dinar
Swiss Fra no
Lux Franc

VALUE OF .
! £ STERLING

' 14,90

4.59
11.895
i 1,7000
1.7000
I 38.45

| 68.55

L.. . 5.0625..

8.50
3.40
10.4225
i 66.55::

-I . 30.705- -

I 16.33

4,120.60.
145.25/sgi
j 0.504
, 1.3440

I 45.70
I 2,389.0
! 594,75

Macao Patnca

Madeira Portug'se Escudo

Malagasy Republic MG Franc

Malawi

Malaysia

Mai dive Islands .
Mali Republic ..

Malta

Martinique

Mauritania... —
Mauritius

Kwaoha
. Ringgit
Rufiyaa
MaJI Frano

. Matters £

Local Frane
Ouguiya
M, Rupee

Mexican Pew

Mexico Mexican Peso

.Miquelon C.F.A. Franc

Monaco Freneti Franc

Mongolia.. Tugrik

Montserrat E. Caribbean 5

Morocco Olrhafn

Mozambique Metical

Nauru - Australian Dollar

Nepal .....Nepalese Rupee

Netherlands Guilder -

Netheriand Antilles Antillian Guilder

New Zealand.... N.Z. Dollar —

Nicaragua Cordoba

Niger Republic (XFjLr Franc

Nigeria Naira

Norway Norway Krone

Oman £u I'ate of .... Rial Omani'

Pakistan- Pakistan Rupee

Panama Balboa

PapuaN. Guinea.... Kina

! Paraguay- " Guarani

2.040.0
18.95
1.7a85
1.70(11*.
1,264.8

- 0.4915

17.00
8.7070
1.9795
1.7000
0.5033 -
3.655
81.70

10.63

146.75

630.50

1.9150

4.0150

12.635

I, 189.5
0.71B

II. 895
86.90
16.85

1 iFi135.44i4i
< iPi84.65i5i
394.75
11.695 . .

IOlS.67l||>
4.59
20.45
S3.1S

I. 72B5
22.35
4.715
3.0430

’ 2:3290 -
16.93

"394:75 *
1.176026'sgi

II. 615

20.50
1.7000
1.283S
mOi 213.31
n (F( 270.68

PLACE AND LOCAL UNIT

! VALUE OF
- £ STERLING

Peru Sol

Philippines Philippine Peso,..

Pitcairn Islands ... i S.w Zelfand S

Poland Zloty

Portugal Portugu’se Escudo

Puerto Rico U.S. S

Qatar Qatar Ryal

Reunion lie de la.:. French Frano i

Romania Leu

Rwanda. Rwanda Franc

St. Christopher .. E. Caribbean s '

St. .Helena St Helena £

S. Lucia E. Caribbean S

St Christopher .. E. Caribbean 3

St. .Helena St Helena £

S. Lucia E. Caribbean I

St Pierre .Local Franc

St. Vincent E. car bbeen 8

Salvador El Colon

Samoa American ..U.S. S

San Marino Italian Lire

Sap Tome 4r Pnn . Dobra

Saudi Arabia Ryal

Senegal C.FA. Frano

Seychelles S. Rupee

Sierra Leona Leone

Singapore Singapore S

Solomon Islands ...Solomon Is. 6
Somali Republic ...Somali Shilling
Somali Ropubllo. ..Somali Shilling

South Africa Rand

South West Af rl can
Tarrftorfes ... . . S. A. Rand
Spain Peseta

Spanish ports In
North Africa Peseta

Sri Lanka .S. L. Rupee

Sudan Republio .-Sudan £ <ul

Surinam S. Guilder

Swaziland . Lilangeni

Sweden S. Krona

Switzerland Swiss Frane

Syria Syria £

Taiwan New Taiwan S

Tanzania Tan. Shilling

Thailand Baht

Togo Republic . . C.F.A. Franc
Tonga Island* ...... Ha 'a ngn

Trinidad Trinidad A Tob,

Tunisia Tunisian Dinar

Turkey . ... Turkish Lira

Turks & Caicos .... u.s. 5
Tuvalu Australian S

Peseta
. .S. L. Rupee
-Sudan £ tut
.. S. Guilder
. Lilangeni
. S. Krona
. Swiss Frane
. Syria £

. New Taiwan $
..Tan. Shilling
..Baht

. C.F.A. Frano
...Ha'anga
. Tnnidad A Tob. 8
. Tunisian Dinar
. Turkish Lira
. U.S. S
. Australian S

Uganda ... . .Uganda Shilling

United States- .. .U.s. Dollar

Uruguay Uruguay Peso

Utd.Arob EmiraiesU.A.E. Dirham

U.S.S.R Rouble

Upper Volta C.F.A, Frano

Vanuatu iffi Dollar

Vatican Italian Lira

Venezuela Bolivar:

Vloir . w .......... .Dong

v tela d U.S. U.8. Dollar
. stem .moe ... Samoan Tala

Yam, i. in

? » ith< .

-vi a

Republic

.ill.lblA

Zimbabwe, . .

Ryal

S. Yemen Dinar
- New Y Dinar
Zaire
Kwacha
.. Zimbabwe S

exe(A)l,224.1B

14.19

2,3290
> (Cm 1 150.50
i (T< 150.50
146.75

I. 7000

6..05
11.095
i(Gmi 7.95
ifn-ci 19.56
16ZJJ5

4.59

1.0

4.59

II. 895

4.59
4.23
1,7000
2.389.0

70.50
5.B2875
594,75
11.30 isg)
2.1790
3.6750
1.6040
(All 0,79
31.18
1.9795

193.70
35,25
1.5300
3.043D
. 1.1708. .
10.556
3.655
(AHO.O
64.60
16.30
38,80
594,75

1.7285 _
4.08

. l.OOSS fsgl
292,72
1.7000

1.7285

170.0

1.7000
>iemi21.SS
Wf m2 1.50

6.22373
1.2765 ’

594.75

167.75
1.7285

2.389.0
7.27

1(0)3.70

ifri4.17fi(}

1.7000

. 2.06- .
7,54/ggl

(AIO.5870

85.2899

10.031276

1.8200

1.28SO

"That pert af the French community in 'Africa formerly French West Africa or French Equdonal Africa f Rupprs per pnund. 4 Genoral rates of oil end Iron
experts 71 40. •* Fate is the transfer market (centra I led] tt'Ncw on* official rata. fUl Unified rate Applicable on ell iranisacTiftns encem countries having e
bilateral agreement with Egypt and who are net member# of IMF fll) Eased on grass rates again it Rusnsn rouble. (1) Parallel e»c|iangB rate for' esssntial
imports. (2) Exports, non-essential imports end transfer. (5) Essential goods. (4) Floating rate (5) Preferential rate for priority imports such as foodstuffs.

ffl

t)

di

tr

m

tr

ar

Si

re

vi

Ice

its

to

fra

in

we

on

tot

pe.

hat

the

me

tin

Be

E

the

ban

gen

pro

belt

big!

and

max

accc

B-

men

ordc

Llo>

3owe

r

F-T. I
F.T. I
F.T. i
Barci
Bibby
Blue ■

Borth

Brady

Broth

Cutter

Hoove

Rank

Reardc

Reed

Stan da

Tumei

Wagor

J

I SAY
day, d
tralian
side w
about •
zold c
Wester
irelfa
the nth
brcutif
ooJitici

it up.”

Sure
Labor
to new
inveslo
to powE
ing of ;

The .
by the l
Govern?
big Jat
in the
Pancont
and Get
They'-
week,
claimed
tial repi
the No;
partmen
suggeste
Jabiluka
prospect
potentia
has been
! tic to sa
It was

E lUS trail!

ranium
_ need al
(pound *
prices ar
fthis in .
like rem<
{years to
I Jabilul
tracts at
the part
arrange a
□f Coven
mining p
iot meat
was unat
?n the sl
M r Tor
’ancontir

irisinsly.
omments
le maint
ablluka's
ointing •

1 a posit
tcurity
rategic l
■While
tbiluka *
tie to a
ng-term
ight be
w dolla 1
sure s-
in scrat
ers in
trJcet.
Significa
itinenta:
ich of
Europ
mtries i
nevitabl
jj.o>sjh

I

i jiLi s. 1

24

Goapanies
and Markets

CURRENCIES and MONEY

Dollar at new peaks

the pound spot and forward

Aug 9

Day's

spread

Close

One month

p.B.

Three

months

p.».

The dollar touched record
levels in currency markets
yesterday as Euro-aollar rates
rose sharply. Ttas followed an
unexpected rise in U.S. money
supply and. fears that U.S.
Budget deficit funding require-
ments could lead to higher
interest rates. The dollar rose
to an alMtoie high a g a i'n. st
several currencies including the
French franc and Italian lira and
a one-year peak against the
D-mark. The Swiss franc was at
its lowest level since September
1981 and the Japanese yen
September 1977,

came back to over SL7000 during
the afternoon as the dollar
weakened. It finished at 51.6995-
2.7005, a fall of 1.25c. Against
the D-mark, however, it rose to
DM 4.2850 from DM 4.28 and
SwFr 3.6550 from SwFr 3.65. It
was unchanged against the
French franc at FFr 11.8850.

Sterling fell to its worst level
against the dollar since
December 1976 but showed small
gains against European

currencies.

DOLLAR — Trade weighted
Index (Bank of England) 122.7
against 121.8 on Friday and 112.4
six months ago. Three-month
Treasury hills 10.18 per cent
(14.16 per cent six months ago).
Annual inflation rate 7.1 per cent
(6.7 per cent previous month) —
The dollar finished below its best
levels following moves by the
U.S. Federal Reserve to increase
liquidity in the U.S. domestic
money market It closed at
DM2.5180 against the D-mark,
up from Friday’s figure of
DM2.50 but down from a high
of DM 2.5350. Similarly against
tbe Swiss franc it touched a best
level of SwFr 2.1650 but finished
at Sv^r 2.1475 compared with
SwFr 2.13. Against the Japanese
yen it closed at Y262.1 from
Y260.4 and FFr 6.9975 from
FFr6.95 agadnst the French
franc.

STERLING — Trade weighted
Index 90.7 against 904) at noon,
90.8 at the opening and 9L1 cm
Friday afternoon (91.5 sir
mouths ago). Three-month inter-
bank 11} per cent (141} per cent
six months ago). Annual infla-
tion 94! per cent (9.5 per cent
previous month) — Sterling
touched a low of $1.6850 very
briefly during the morning but

D-MARK — EMS member
(weakest). Trade weighted index
124 J against 124.6 on Friday and
12142 six months ago. Three-
month interbank 9.35 per cent
(104125 per cent six months ago).
Annual Inflation 5.7 per cent (S3
per cent previous month) — The
D-mark was mostly weaker at
yesterday's fixing in Frankfurt
The dollar rose to DM 2.5258

from DM 2.5043 with tbe Bundes-
bank selling a nominal S5.55m
while sterling was fixed higher
at DM 442860 from DM 4.2800. The
Swiss franc rose to DM 1.1746
from DM 1.1727 and within the-
EMS the French franc was
higher at DM 35.96 per FFr 100
from DM 35.93. Trading was
fairly thin but very nervous. Tbe
dollar was underpinned by high
interest rates, helping to push
tbe D-mark weaker while recent
troubles at AEG-Telefunken 1
depressed tbe D-mark further.

JAPANESE YEN — Trade
weighted index. 130.2 against
130.7 on Friday- and 137J5 six
months ago. Three-month bills
7.28125 per cent (6.59375 per
cent six months ago). Annual
inflation 22 per cent (22 per
cent previous month) — The yen
showed a sharp fall against the
dollar yesterday falling to its
lowest level In Tokyo since April
1980. Tbe dollar closed at
v ?6t2.90 up from an opening
level of Y261.0 and Friday's
close of Y259.52*. Intervention
by the Bank of Japan was esti-
mated as being up to 8400m
although this amount tended to
disappoint the market a. little as
did the authorities allowing .the
dollar to break through the Y260
level. The dollar's best level was
Y263.0.

U.S. 1.6850-1.7010
Canada 2.1160-2-1340
Ntrthlnd. 4.69-4.73
Belgium B1 .40-82.00
Denmark 14.08-14.91
Ireland 1 .2400-1
4.26-4.30
145.Z5-M7.0Q
133.40-134.20
2JB34L3W
11 .46-11.53
11X7-11.93
1082-10.57

1.6995-1.7005 0.05.0.15c dU
2.1325-2.1336 0.75-0 ,85c die
4.71-4.72 IVYe pm
81 .65-8176 16-25cdis

14.89VJ4.804 V1V»redte
1.2435-12446 0.61-0.7E? die

W. Ger.

Portugal

Spain

Italy

Norway

Franca

Sweden

Japan

Austria

SwitZ.

IWpf pm
105- 285c die
SO- 120c die
19-21 1 ire dit
3V4 5 aore die

&t-4Vcdis
2V3V>ra die

1.80-1. 60y pm

iOV7 3 diro pm

2V2Vspm

Belgian raw is for convartibla franca. Financial Irene 86 25-86.35.
Six-man ih forward dollar 2.13-2.23c die, 12-month 4. 15-4. 30c dis.

30.00-30.16

3.6350-3.6650

4.28-4.29

146.50-147.00

193.60-1934)0

2,388-2490

11.51-11.52

11.89-11.90

10.55-10.66

445-446

30.03-30.08

3.65-3.68

-0.70 0.70-0. 80dia -1.76
-4.50 2.50-2. BOdia -4.78
2.55 2V2*> pm 2.23
-2.94 55-66 die -2.94
-0.81 8-9'j dis —2.35
-6.66 1.73-1 -96dls -5.93
2.45 2V2 1 * pm 2-33
-15.95 250-7E5dis -13.70
-6.50 345-385 dis -7.54
-10.05 56V6SVHs
-3.91 llVIZViis
-3.78 14V15VH*

-3.55 81.-8 die

4.68 4.0-4.45 pm

3.69 23VT7 pm
7.80 GV6% pm

THE DOLLAR SPOT AND FORWARD

Aug 9

Day's

spread

Close

One month

p.a.

Three

monft

i-iv;. .. . A whilst 10 1982

FT UNIT TRUST INFORMATION SERVICE

Abbey Ud
1.3 St Wi

Unit T*t Mmb. <a>

miEC4P4DX

AUTHORISED TRUSTS ggsa-' jB®

Ud.

ClanlQvdf

014961833

niM-aa nrj

07* -53 1-42

«>w*— Hi iAitiUTSSSSJ! £ Si™ «u*«*

Boddertuy. London EC4N 880.

toss*

01-248*964 Tte9otfe EXdaiw, UndoiECZn 1HA .

an if i£fiKis=aH I «a=i »

1*5 * 'ft Geusnl (IteS Tst, **£»■>“*
5 a. 1 i.ht M a — — rata 0277Z17296

KntatMd Asm* Mms B—

72-80, C rah a wi M^Ajbabwy....^ 0ZM9M

Aden Haney & Ross Unit Tst Nagrs.
45 ConddB. London EC3V3FB. 01-4236314.
AHR GW Trent J92.9 ff-M -0A 12.*

AOted Ham bra Lid. (a) (g)

Crescent IMt Tst Mngn. UrntnOaOSoa Ltd. .... ££E”5>f

4 HeMUe Cras, EdlrtarBSi 3 _ 031"®k3492 4^ t-nym. 01-4236114. jfeja

teftS? 1 BH 2$ LweSfedton 8E1 fiS-J -J S3 KsaaKwl

UKt

Irelandt

Canada

Neihlnd.

Belgium

Portugal

5pain

Italy

Norway

Franca

Sweden

Japan

Austria

Switz.

-0.70 O.TO-OkOdis -1.78
5.73 1.50-1.30 pm 4.11
—4.35 0.93-O.96dis -3.04
3J24 2.75-2.65 pm 3.88
-2.24 13-18 dis -120
—0.44 0.B0-1-30dil -0.48
3.41 2. BO-2.55 pm 4.09
-15.23 1 20-41 Odia -12.33
-5.25 80-100 dis -3.15
-8.94 28-30 die -823
-3.18 4.00-4 ^Wdia -2.47
-3.03 5.60-6.10die -333
-2.51 1.60-1.80dis -1.09
5.33 3.80-3.70 pm 5.72
4.32 21 V1B4 pm 4.52
8.60 4.48-4.40 pm 83.7

t UK and Ireland are quoted in U.S. currency. Forward premiums and
discounts apply to the U.S. dollar end not to tha individual currency.

1.6850-1-7010
1-3565-1.3865
12480-12555
2.7720-2.7900
48.12-48.40
Denmark 8.7760-8.8120
W. Ger. 2.5170-2.5350

86.00- 86.95
114.10-114.70
1.407-1,414
8.7840-6.7946
BJ950-7.0475
6^150-6.2345

262.00- 283-50
17.69-17.80
2.1460-2.1650

1.6986-1.7005

1J6S0-1J665

1^545-12555

2.7720-2-7730

48.16-48.18

8.7760-8.7800

2.5175-2.5186

86.50-86-80

114-10-114.20

1,407-1,408

6-7880-6.7900

6 3950-7.0000

6.2170-6.2200

262.05-262.15

0.05-0.1 5c dis
0.70-0. 60c pm
0 -44-0.47C dis
O.8O-0.7UC pm
8-10C dis
0J2&-0.45are die

0. 74-0.B9pf pm
60-IBDc die
45- 55c dis
10-11 lire die
1.60-2.00ore die

1. B5-1 .90c die

1.20- 1.40orB dit

1.20- 1. 13y pm

17.69V17.70 1 * 7-5 3 «g ro pm
2.1470-2.1480 1.58- 1.50c pm

CURRENCY MOVEMENTS CURRENQY RATES

Bank of

Morgan

Aug. 0

England Guaranty

Index

■Changes!*

90.7

— 39.5

U.S. dollar

X22.7

+ 13.4

Canadian dollar-..

88.8

—19.1

Austrian schilling..

116.9

+ 26.6

94.7

-1-9

Danish kroner.

81.4

—14.8

Deutsche mark-...

194.3

+49.2

144.2

+ 94.5

115.8

+ 23.5

73.3

—20.4

53.6

— 5B.3

Yen -

150.2

+ 24,0

iBank
August 6 rate
1 X

Special

Drawing

Rights

Based on trade weighted changes from
Washington agreement December 1971.
Bank of England Index (base average)

Sterling

UAS. XX .

Canadian SjlB.fiO
Austria Sch> 6J«;
Belgian F....;
□aniah Kr....

D mark-

Guilder. ■

French F.-..J

Ura ■

Yen J

Norwgn. Kr.
Spanish Pts.i
Swerdleh Kr..'

Swiss Fr. ' 5tj

Greek Dr*ch 20 la

~ 1 0.634895
1.07735

15l|>
11 I

7i*;

8

gi.
19 !
Sl,
8 ■
8
10

10.1373

92.0468

European

Currency

Units

0-551656

0.933954

1.17211

16.6137

45.1167

9.486071 8J&1860
2.721171 2.36384
3.998801 3.60340
7.976461 6.56803
1520.41- 1318.04
283.835' 345.494
7.31700' 6.34295
123.859. 106.938
6.71180 . 6.B1667
2.31630 2.01594
76.9336 66.7497

CS/SDR rate lor August 6: 1.34991.

OTHER CURRANCIES

Aug 6

EMS EUROPEAN CURRENCY UNIT RATES

3B,007t

ECU

central

rates

Currency
amounts
against ECU
August 9

% change
from
central
rata

V. change
adjusted for
divergence

Divergence
limit V m

Belgian Franc ...

44-97D4

45.1287

+0.36

+0.13

+16501

Danish Krone ...

8-23400

8.21880

-0.18

-0.40

+1.6430

German D-Mark

£3379

2.36384

+ 1.29

+ 1.07

+1.0888

French Franc ...

6.61387

BJ6803

-0.69

—0.91

±1^940

Dutch Guilder ...

2JI7971

2.60340

+0^2

+0.70

+1.5004

Irian Puni

0.681011

0.687236

-0.56

-0.77

+1.6691

Italian Lira

1350^7

1318.04

-239

-239

+4.1369

Argentina Peso. ..I
AustrallaDollar... ! 1.727 5 -1.7895
Brazil Cnjzeiro...'3 14^5 -3 15.06
Finland Markka..B. 15806. 1660

Greek Drachma.,

Hong Kong Dollar 10.41 12-10.43

I ran Rial

UB.0M-1ZL2B2

Austria...

Note Rates

Cres.CapM

SsSJSscI

Cres.

Cres.

Lloyds Hu IMt Tst Mfiff*. LM. (a)

bn iMt rmt

6or levies.

Da rt te qt PB Urrit TntttJ»RSt 1^-
DdrttoSon, Totnss, Devon TQ9 UE. 0803 86ZOT.
Unit TjUZO.7 &3| — 4 **

0444*54144

Dtenttonivy Un* Fbnd M wg? §??a!SK 1

SWSailwBnwISbECaMWU. OM38*»W &<A*in J \

Dbc.lrK.Jriy 30 127 L8 2KA i

link Trait Mmam

SW15JH. _owno^

2JX

53,

Pal HUH LQndwwSW15JH.

•s urZ^m H13

E. F. Wln cbes t tr Fmd LM.

44, BUemsUsy Squw, WC1A 2RA 01-623 BM

gMSSfegi H=diS

City Gats Mrew.nsbenSKl

QMMlBU

Rara) Lift RL Mg mt Ltd. ' -

IfciHaflFUwkliwwdLWWS BHpm

Reyaf Leadm OMR Tst Mgn L6T . '
VUSegn McteWf. OBOMttB

Cyittai Accmo T n* j 61 1 6641 —4 U)

Hsyii Tit. Cam. RL Mgra- Iifi.

4S-54 Cmmob Sl, leedM CC4M ACOtOnZMAOtt

CapHsIM. “ ’

Equity A Law Un- Tr. RL (a) (b) Cel LloyiTs Life Unit Tst.
1 Rdj HI*H Wjcce*e. 049433377 2 SL Itoy AW.JC3AWP.

Hnn Inc. t*l Acc.
Htgbwlne.TK.lnc-.

HthAmrlCJ TstAcc

FarEM TsLAcc

03-6236114

yuM —»4 »»

A w datsow UnH Trust Miui ag sri Ltd.

62. London WeH, EC2R7DQ 01-4381200

Andensnll.T M-< 69J| -L7| 335

Ansbacber UnK MgmL Ca. Ltd.

1 , Noble SL. EC2V7JA. 01-2368181

Aatbony Wtater Unit Tst MgmL Ltd.

14, Wldrgtte SL, London, E37HP. 01-2478827

SS5S*.!^i aS:d“

AitaHmt ScceHties Ltd. (aKcl

37. Oxen Si, Leaden, EC4R1BY. 01-2*5281
Capital Growth p*

G e n eral'

FUcfitf In tel national HnBacawtl

20, Aixhtadi Lane, Lncdon EC4N 7A1.

bmrtft&hKKiw — 132-4

-&m is

James Finlay IMt Trad Mast U£,

10J4, West We Street Gtanow.

Equity Aeon. (2) — (MW

Lacal Authorities’ Mutual tartW
77, Lsodea WML EC2N 1CB. 01-5861815

ar a ' "

■UaMfeerln

Save fli Prosper

(task fWML B3F xfi

68-73 OombJ ‘

DeoBng* to.

ItaxnmTUrrib. .

J. FWsv W* lnceae-E

Pikes ■ Aapast 4 Ned deslh

Fremn ngtea UnH MfL Ltd. (a)

64, London WSfl, EC2M 5NQ. 0M2B51B1

“ * "■ crm —iia

Archway Untt Tst Mgs. Ltd.(aXe>

317, HkA HoBme, WO.V7HL (D-8316Z33

725

145.25"

KuwaltOinarfKDI 0,491-0.492
Luxembourg Fr- 81.66-81.75
Malaysia Dollar... 4.01-4.02
New Zealand Dir J2.3265-8.33 15
Saudi Arab. RfyaJ 5.8255 53320
Singapore Dollar 3.67-3.68
Sth-Afrlcan Rand 1 1.9790-1.9800
UJLE. Dirham....: 6^2004.2275 ! 3.6720-3.6740

22,450 1

1.0200-1.0206 [ Belgium

185.53-166.26 , Denmark ..1

4.80504.8070 1 France

71.15-71.35 ! Germany-

6.1540-6.1920 Italy

*84.95 I Japan

0-2001-0.2903 I Netherlands -

48.1648.18 Norway

2.3660-2.3700 I Portugal

j 1.3735-1.3765 | Spain

3.4390-3.4405 ; Sweden

2.1650-2.1700 .Switzerland j 3.63>z^.67is

'1.1640-1.1650 United States... 1 1.58is-1.70ls

90-101

29.B&30.25
66U-87l<
14.84-14.98
11.86-11.96
4J6i]4.30ii
2365-2396
445460 ’
4.69 733*

11.46-11.66
142-157
187 is- 197
10.50-10.60

1 Yugoslavia^..

Changes ere for ECU, therefore positive change denotes a
weak currency. Adjustment calculated by Financial Timae.

t Rate shown For Argentine is commercial. Financial rate 65,96468.004 against
sterling 38.950-39.000 against dollar. * Selling rate.

Arkwright Management

PanengeSdeL, Manchester 0U-834Z332.
Arkwright FdL Ana- 3J100J M7-G — J S2J

Baicbars UMcarn LhLteKeKg)

Uiricom Ho. 252. Romionl AL, E7,

Unlcera Aarrka.

Do. tasLACb
Do. Aw. Inc.

Do. Capital

Do. Exempt TK.

EXCHANGE CROSS RATES

Aug. 9

Pound Sterling
U.S. Dollar

DautachemarK
Japanese Yen 1.000

Pound St’rllng) U.S. Dollar

1

0.588

0.233

2-245

French Franc 10
Swiee Franc

Dutch Guilder
Italian Ura 1,000

0.841

0J74

1.700

1.

0JJ97

3.816

1.429

0.465

D a utsc hem' it Japanese Yetr French Franc: SwiM Franc .Dutch Guild*' Italian Lira jOanada Dollar Belgian Franc

4.285

2.521

1.

9.518

2.602

1.172

0.212

0.419

0.361

0.712

Canadian Dollar
Belgian Franc 100

0.469

1.224

0.797

2.081

0.909

1.794

2.009

5.245

445.5

262.1

104.0

1000.

374.6

121.9

11895

6.997

3.665

2.150

4.715

2.774

2.776

26.70

0.853

8804

1.100

10.68

10 .

3.254

3.073

1.

3.964

1.290'

2389.

1406.

567.5

5363.

2008.

653.6

04.49

186.5

2.523

4.979

0.775

1.530

1.

1874

2088

545.3

5.577

14.56

1.7.14

4.474

2.211

6.771

506.7

1000 .

1120 .

2924.

2.133

1.355

0898

4.788

1.793

0.5B4

0.462

0883

1.

2.611

81.70

48.06

10.07

183.4

38.68

22.36

17.33

5480

38.30

100 .

FT LONDON INTERBANK FIXING (11.00 a.m. AUGUST 9)

3 months U8. dollars

bid 13 Tfl

offer 13 1/4

6 months U.S. dollars

bid 14 1/16

offer 146/16

Thm fixing max an the arithmetic means, rounded to the nearest one
sixteenth, or the bid and offered rate for SlOm quoted by the market to five
reference banks at 11 am each working day. The banks are National Westminster
Bank, Bank of Tokyo. Deutsche Bonk, Banque Nationals da Paris and Morgan
Guaranty Trust.

Do. Extra Inc ome
Do. Fhandrirajjj
Do- 50) |

Do.GmmnHL
Da. GfltAFnL InL

ti

■Mart Fraser Trast Mgt. Ltd.

2B> AHxwisrls St- WJL Ca-493MU

RabL Frawr ULlsL 1598 UZ-73 oJ»

Friends Free. Trent Maeagare fai aitc) ffig* ,

Pbdm Ewf, DarkhG. TeL8K2H Ctar;

is

FtandS In Court* | MMh | ihariit

PoMk Trustor, Kbignray, WCZ 0MO543K> 3& BeMby Sq, Lairiaa W1X SDA.

RBanuLHa Ma^aaf lid.

- RSsyflotMr Bbsagemant Co. Ltd.

14-18. GrntanSl, EC2V7AU. OMCf.8099

tB-4996634

"-“-I

, Fnf.

G.T. Far East & Gen
G.T. TethTfcGtfi. Fd
G.T. European Fl«d_l

G. A A. Trait (a) <|)

NtiBdj Fend Mana g ea wa t Ltd.

Rcgk Hse, King WBUan SL, EC4. 01-623 <451

8-9

Mb&Cb

Baring Brother* ft Ca. Ud.
8 Bhtapsgttc. EC2N4AE.
st rantjti Tre at.

N^shTdirAueHt 30 (by

DM838833

-liv

nan).

MrbL Co.

Stock Eutange, LonAsn, EC2H H13. 06-588 6280
B' KlrtAag3 K93 ffiid 120

W2 Jial TJlj —

Can & For Aug 10-- — — I I —

Bridge Fired Manager* (a)(c>

Regb Ktag WHIlaw Sl, EC4. 016234951

Gartmwe Fond Managers ta)(g) Uidt Tratf Mngrs Ud .faKcHg)

5 Rayfefth Rnafl, Brentwood
G.AA. H7.9

2 St Maty Are EG3A8BP
tag a*r. 01623

Amer.Gen.t-

m

a.

1520

Inti, fiecowry Incf— ZL6 (

Deafig *Tltre' - iWBLtTli«rs. tPridn Au*."3/4/5."

01623 6114 IWcou Hw, 252 Roodorl E7 m.^4 ^4
*»^>rwp [aTO 5LS-C5J 631

Marctag Fond Marngen Ltd.
3ftCradamSVEC2P2EB. 016004555

Geo. Die Bt4- .9548 3g

Inc. Rhemcry JS-3 frg

lad.

ics.Ta.

Japan »r

Special SHs-TiL
UK Sm. Co. R

EURO-CURRENCY INTEREST RATES (Market closing rates)

Aug. 9

Sterling

U8.

Dollar

Canadian

Dollar

Dutch

Guilder

Swiss

Frano

D-mark

Shortterm ! lUg-ll^

7 day's notloe..... llas-llsg

Month ns» lU*

Three months. llJe-lUs

Six months • llJs-ilic

One Year llSs-llie

lOI4.ll , 18-19

lUs-USa 17-18
119k 12 • 15i a 16te

127j-131g ; 1614-16*
13;* 14hr 1 16S.16J*
13rt-14ig ; 153s -165s

9ls-91«

S'l-flU

Bla-914

Bae-BU

9Ss-9te

93s8ly

312-4

2I*-3

3i«-3T a

5.5-gili

5 1 2- 55g

8Ta-B
87a- 9
8i<9,k
frVB*

8tV-B*

French

Franc

Italian

Ura

Belgian Franc
Conv. Fin.

Yen

Danish

Krone

14lg-14lg

14U-14>2

14da-141i

16l a -16i«

17{S-17ii

18lj-18lg

17 Ij-IB
1894-209,
19ll-201e
205,-2138
.215g-22l B

,214-2178

i 1212-134
' 13-143,

13 4-14 4
135,-1454

14 Lg-lG 1 *
l 144-154

124-134
14-14 U
144-144
144-144
144-144

; 61.-678

7Sa.9l«

! 67j-7

111,-1314

1 67,-7

1308-1378

14i B 15*s

» T^' 71 *

15JT-17I*

1 7ri-7«

16 la- 18

SDR linked deposits: one month 10°u-HV. per cent: three months par canu six months ‘-11V12% par cent; one year 12» w -l2 ll u per cent

ECU linked deposits: one month 1lS4-11“j* per cent: three months llUji-ISV per cent: six months 12 VI 2*, per cert; one year 127H-12U1* par cant
Asian S (closing rates in Singapore): one month — par cant; three months — par f cant; six months — par cant; one year
per cent. Long-term Eurodollar: two years 14V14 r a per canu three years UVIS 1 , per cent: lour years 15-15V per cerit; fres ysars IS-ISS par cent: nomine!
closing rates. Short-term rates are call lor U.S. dollars. Canadisn dollars and Japanese yen: others two days' notics.

The following rates were quoted for London dollar certificates of deposit: one month 11.75-11-85 per cent; three months 12.40-12.50 per cent: six months
13.15-13.25 per cent; one year 13.40-13.60.

MONEY MARKETS

EUROCURRENCIES

London rates fir]

$ rates firm

UK clearing bank base lending
rate 11| per cent (since July 30
or Angus! 2 and 3)

UK interest rates were a little
firmer yesterday, reacting
cautiously to sterling’s fall
against the dollar and a rise in
U.S. interest rates. Three-month
interbank rose to 11| per cent
from lift per cent while six-
month sterling CDs were higher
at His -lift per cent compared
with 11J-11 Per cent. Overnight
interbank money traded at 11}
per cent during the morning,
touched 12 per cent and then fell
to 10} per cent before finishing
at 15 per cent

The Bank of England forecast
a shortage of around £50m with
factors affecting the market
Including bills maturing in
official hands and a net take up
of Treasury bills — £28Qm and
the unwinding of previous sale
and repurchase agreements
— £95m. On the other hand there

actions added £60m to the
system. The forecast was revised
to a shortage of £100m and the
Bank gave assistance in tbe
morning of £37 m, comprising
purchases of eligible bank bills,
£23 m in band 2 (15-33 days) at
11} per cent, film in band 3
(34-63 days) at 11} per cent and
£3m in band 4 (64-84 days) at 11
per cent

The forecast was revised again
to a shortage of £150m before
taking into account the morning's
help. The Bank gave further
assistance in the afternoon of
£144m, making a grand total of
£lSlm. The aftemon help com-
prised purchases of £lm of
Treasury bills in band 2 at 11}
per cent and £23m of eligible
bank bills at Hi per cent in
band 3 it bought £112m of
eligible bank bills at 11} per cent
and in band 4 £8m at 11 per cent.

In Frankfurt call money
remained at 9 per cent although
longer term rates started to rise

yesterday's performance by the
dollar, a cut on Thursday in the
Lombard rate looks increasingly
less likely according to market
sources.

In Paris tiie Bank of France
announced a further reduction
in call money to 14} per cent
from 14} per cent on Friday.
This was seen as another move
by the authorities to reduce the
cost of borrowing; following a
policy adopted after Che franc's
devaluation within the European
Monetary System earlier this
year. The cm In rates came
despite further rises in U.S. rates
and record levels for the doHar
against the franc. The latter was
quite steady against its EMS
partners however.

was a fall in the note circulation ■ as Euro-mark rates rase in line

of £190m and Exchequer trans- with Euro-doliar rates. On

In . Amsterdam -money market
rates were marked higher in
reaction to 9harp rises in Euro-
dollar rates. Period rates up to a
year were up lo- } of a point
firmer while call money eased
slightly as short-term funds
remained adequate.

The recent decline in Interest
rates throughout Europe came to
an abrupt halt yesterday as the
market reacted to last week's UB
money supply figures. A reported
rise of $900m ia M-l came as a
surprise since a modest fall had
been projected by some. Con-
sequently Euro-do liar rates
started to rise as the prospect of
an early return to the downward
shift in U.S. interest rates
diminished. Rates finished a little
below their highest levels how-
ever with the market still
extremely nervous about future
trends.

Euro-sterling rates were
marked ■ higher and domestic
rates were generally firmer, cast-
ing doubt on market hopes of a
further small downward adjust'
ment In clearing banks' base
rates. The dollar's discount
against sterling widened, reflect-
ing the increased interest rate
differential. Both the D-mark
and Swiss- franc also showed
higher premiums against the
dollar even though Euro-marks
and Euro-Swiss francs were
generally firmer.

MONEY RATES

LONDON MONEY RATES

NfiW YORK

Prims rats 15

Fsd funds (lunch-time) llVIl’k

Treasury biffs '13-wssk) 10.18

Trsasuiy bills (26*wtsk) 11.12

GERMANY

Lombard - 9.00

Ovamlght rats B.oo

One month 9-30

Three months 9.35

Six months 8J5

Aug. 0
1082

Starling
Certificate
of deposit

Interbank

Local

Authority

deposits

Local Auth
nog otl able
bonde

-Finance

House

Deposlta

_ jDleoount

Company Market
Deposits i Deposits

Treasury
Bills •

Eligible
Bank
Bills «

Fine
Trade
Bills 4

Overnight,

8 days notice
'I days or — _.
7 days notice-.

One nwnth

Two month*

Three months.

Six months.

Nine months...

One year.-

Two years-

11441*
lias 11U

11*41*

HtHS

Uftllte

10iz4B

111x4871
11*41*
11*41*
lift 11*
llft*ll*

USS-llls

llis-llla

llfe-llfia

1348411s

11*8 ‘
lias

111*

111*

1188

1161.

18414
11*8-1 Ite
llGe-UU
lOce-lOte
IHx-IHs
114B-11

ii*

114S
11*
llte
* 1118

Ilia

HBbIITb

1137-12

lll«

10-1 He

*£■ ■
106,

lOif-lOfifl

nu

ii

101f

UI8

1141*

IOTb-IOtI

lOja-lOBg

ilTj

lisa

im

ll*

FRANCE

Intervention rats
Overnight rate ..

One month

Three months

Six months

14.5

14.60

14.3125

14.3125

14.3125

JAPAN

Discount rats

Cell (unconditional)

Bill discount (three-month)

ECGD Fixed Jtata Sterling Export Finance. Scheme IV. Averaged Reference Rita for Interest period T9 July to 3
August 1982 (inclusive): 12.143 per cent.

Local authorities and finance houses seven days’ notice, others seven days fixed. Long-term local authority moitaage
rates, nominally three years 11% per cenr. lour years 12% per cent: rive years 12% per cent. « Bank bill rates in table are
buying reus for prims paper. Buying rates- for four-month bank bills lO^-IO’’. Mr cent Four months trade bills 11V per
cant.

Approximate selling raw for one month Treasury bills IH, per cent; two months IQ 1 , per- cent and three months
10V10“» per cant- Approximers selling rate for one month banks bills 11V11V Mr cant; two months 10“i* per cent
and three months IOUm-IO 2 ’,, per cent: one month bills 11’, per cent: two months 11*, per cent; three months 11>« par
tent.

Finance Houses Bess Rates (published by the Finance Houses Association) 13 per cent from August 1. 1982.
London and Scottlah Clearing Bank Base Rates for lending II 1 , per cent. London Clearing Bank Deposit Rates lor sums
at seven days notice tm per cent. Treasury Bills: Average tender rates of discount 10.7248 per cent. Certificates of Tax
Deposit (Senas 5) 111, per cent from August S (plus an Interest rate supplement ol L per cent for the first month)
Deposits withdrawn for cash 3 1 , per cent.

flrttenn to Sp, of IMt Touts lift. (aKcXgl
Salhbuw Ho me. 3L FMxwftQS Xrataaw EC2
01638 Omiffm or 01368 2777

iRN.Trait.iau
Gemtt (John)

77 Loaden WaH, EC2
StnckfioMers Jtay 23.1
Do. Aura. Unit!. —

SL Eampaeir JU^3.

MWtawJ talk Creep
Untt Trust Onagers Ltd.

\% ia.'sry© ^ sw

Grimmaon M ana ge r s rat Co. Ltd.

59 GraMaa Street, EC2P2DS 0X6064433

at enapt Mtb i

Scottish Amicable In*. Mop*. Ud.

150 St VWicrol St, Glasgow. ' OMGL
Eisiay Trust Arrnm. .ni?'T SLA -14 553

Scottish Eqoftafrie Ami MMfcU*
28SLAnhmnSq.EdMMrgk BHrSSSfmx

*— as=su ip=l ffl

DeaUng tay WntamBy-

Scottbfr Widows* M Ma os gamut '

PJ>. Bra 902, Edtaburah EH165SU ®J6554«C
Pegasus Tst Aug 9 — |J0L> Mtq+UI -

SfMCO Money Funds
66, Canon Street, EC4N 6AE <0-2961433

■Hunrf~

Stewart UnR TsL M o negtra Ltd.Cs)

45, Charlotte Sq, Ei&rtxrgit. 031-22*370

Withdrawal Unto — 77 4 MJI +03 —

p ]&

"Estoiin Fwil — ra.4 j *44

Oral tTue- A Fri. *WW. M Mee. A Tier.

Sn AMmse Ford Mssrog sn r eirt UL

Sra AUtaucc Hjc, Horshaw. 040364141

a

5hI» Lifi Pen. Tst. Mars. Co. Ud.(aKe>
9-12CtonsWe,Loa*w. EC2V6AL ' OX-23* 3W
EgBftrOtsL-

I B a rringte a
{Actum, to
Hr-gnHYJ

lAcoun. OrfB?'. '
BtTVtaSAugLj

asr 3 -

Flxcd IjiL Accl , _

?SSS{S\!S5Sa4!. ,L

Target Tst Ktegre. Ltd. (ol (g)

(Irw. tfccn. J. RorhscNU In*. Mdbl UdJ
31, Greshaa SL, EC2. Do8ngs:02965M

Mmter Food Managri i Ltd.

Mfnsttr Hse., Arthur SL, EC4fi 9BN 0X623 1050

GoanRan Royal Ex. IMt Mgn. Ltd.

Renal Ending*. EC3P.30N 016268011

m :d m

■as A is_m T_ * -- - lU Sec&iSftBUoa

A—rlcan Growth

AtoSoalWCos. —
AB.gsec.Sta.

S0

372

Far East

HwicKg. Ferfmoce—

-jj

SmsI Ratal

17*0

Coin. & lixL

Dnnetoc

H.4

490

Growth

Frtagdecel

h

Hendmea Adssloistntiora (a) Cfe) (c)

sis texus*' * ^

II JL tads

MLA Unit Trast Mngmat Ltd.

DM Itew Street. SW1A9JS. 01-222-8177

MLA Unto. 11083 114JJ J 355

Brown SMptey ft Co. Ltd. (a )(g)

Harlareh Hre, Hayirardi H'*, Sr. 0444-45814L

Rrencltt

Murray M inet o ge U.T. lOgnL (a)

163, Hope Straw, Gtasgra, 02 2UH. 041-221 5321
HwreyAmsrtcaq — Wl -- '

WlCEkP

DMftQ to Friday.

Ej

Mntnl UrR Twit Mro og rrs fo)(g)

Bran! Sl Aw, BtonfieW St, EC2. 0163S 3911-2.

Uutoxl Slue QUb 53.Z -o3 7 33

MutulNkgbVUL^3Li « Jj -53 9M

ProfesrioB? Aug. 4_|

KatiunaJ Provident lire. Nbgrs. Ltd.
4&.6naaqairch St, EC3P3HH. 016234200

Kfcfi Mzij

(Aaura. UnH^I”E|5D23 21U| L70

Trades Uckm Unit Trait Manegera

IOC, Vtood Street, E.C2. 01-6288011

TUUT Aug.2 167.0 7U| »

Tra watieu tlc ad Sen. Sacs. Id «y>
91-99, Km Lmatoa RL, Chehnsfwd. 024561651

Hotiond W te tui ba to (a)
162, ChusaMc, EC2V6EU.

‘ IIAcokiO 3J63

lp§fc.®

rat Co. lid.

The Stack Exchange, K2P2JT.

BSfSQtab

76,'

Canada Life IMt Trust ttegra. Ltd.

36 High SL, PoUen Bar, Herts. P.Ber 51122

CanjGreCSsi — HS.7

Do. Got. Accua -
Do. Income Dfct .

Do. Inc. Accreu __ JKL1 , M3 -071 8i

GDI & Fxd. InL Tra&jZLO Z7JM -OJa 1Z30

Hangar Sanicas Lid.

4GLSLH#kmL London EC3P3EP CQ-551CXW4
Brwwfci InlL Gr- lnc._J48H 5&6UJ 1 452

m Stand Unit Tst. Mgra.t (a)

KIEL Trust E gEiMi ga w LtrL to) tgJ
Mtai Coon, floM^Smy. 03O6B87766
Not»tar__^__

NeWarGfft&F.L

ItatoMIgllljfc,

Tytotafl Ctaaagers LbUslIbKc]

18. Ccnmoo And, Bristol 0272732X1

45 Beach SL, EC2P2LX

rannon FM Managers Ltd. (z)

2. Otyasdc Wnr, WewWej, HA9 QNB. 01-9028876

raj ]£$

Case) (James) Knot. Ltd,

Bread SL, EC2N 1BQ. ' 01-5886010

Nonh /tanerkra __ .
Prion an August

Next dsdlcg Ao|p« 18..
Carr, Setag UnH Trust Muo g m te)
57/63. PrtacBsSt, Masdntar 06J-236568S

tatalL.]

Cent. Bd. of Fin. of Cbureli of
77 London Wkfl. EC2N U».

IBS

Ctartacs Clarities M Fund#

15. Moorgata, London, ECZ 016384121

S

Charities Official limst Fondri -

77 Londoo Walt EC2N 10B. 01-5881815

Cbfsftate Trust rtawnrr Ltd (i> (g)

U,NmSL i EC2M4TP. 01-283

Hwwfch (Men IS BB ta aa ? Group (b)
P.O.Box 4, Norwich, Mfl3.\G- 0303 222X

Grasp TsL Find J519J2 546JSI -53i 542

01-6064477 ,

m=i is

(Asms. Unto).
Gill Iresne

Peart Trust Mmqert Ltd. (i)(g)(z>

252, HigiiHoBionr, WUV7cB. 0M(BB441

Posrl Grawth Fd J32.7 353-03

Aram Units ng£.2 4QJ[ -ftl

-0.fl

-lii 6.n

Ptitcan Units Arinin. Ud. (glte)

5763, Frtneoss Sl, NtftSwitsr. G81-2365685
PsffcoiUnhs TQ9J I49.q-Lq 5.14

UK IMt Trust Muegen Ltd. (a) _ M _

3 Frederick’s PL, Ob Jswr, EC2 01-5004111 PaWtWti Unit Trwt Bfejgnt. faj (z)

46, Hst SL, Hsniey on Thames
Growth,
meeme.

049126066

Money

:.Unte)

ncairel EteSCUW

Acona.tMn_

Scot. Inc.

.war

LaWdlEl

( AcCuil lloto }.

^VtaCHjhePri’b,
L03. Wfc

Ido. Mfrfi Spec 3Hl.i
• fl Es-
C-'pref

tee* of iicinid (i>

"■M&riB.JSML" Si®

WcridwMe Recovery. |47 j0
Ptatieal ImsL Ca. Ud. ly)(e)

4^ BfOoraharySc, WC1A2RA 016238693

KizJII

Provincial Lift In. Co. Ltd.

01-2476533
-0.'

TSB IMS Trust* (b) (e) (y)
^ 6 m 3, Hewn Hse, M art i . Hi

5P101PL

1/3

Intel.

WMMpSt,EC2A2AB.

Lid. to)

(06286626

s#ss=

Inwr _

Itatl Small CD'S Fd-

Kcy Focrf M tr ag a rc Ud. (a}(|)

V3, WontdpSL. ECZF. 2hJB. 0Q62B6626.

Cbo uhr t o a Fond Mtamlil

SIM, Priaceu SL, Maachtster. 061-2365685

Growth ,02.9 13fl -03 4J8

l u to mUftta Lw. W.4 534 -53 L22

High team PS.7 3lSd -03 1U9

PtndL PartfoMo Kngre. Ltd. (a) Cb> (rf
Hoftxxn Ban, EC1K 2NH. 016059222

®s£<s=m

tel

Waring SrexBefiasL
ttMter Growth — (436 4LM_-0i(

IMS Trast Accouat ft MforL Ltd.

Rrob H», King WKtam 5t EC4H9*.016»^
Friars ta.Rsxl JS5.1 SUM — t **

Mhr Bii amnwd Co. Ltd.

3165 Grsdoa street SCZ
ffkEOMiy.

016004177

Klotamrt Bonron UnR taqpn ___ ,

ZLFendusrcJiSL, rC3 01-6238000 Wmn IMt Mgn. Ltd.

ROTES ^ ,

Wet* ip gnee urfea idhendst MlnM “
Owse dfstauMf S wM> w> wO- rater to lU;
Mtan.'

UH03

Confsdc ration Funds Ltd. (a)

50. Chancery Lane, WC2A II
Growth FM |S2J

014420222

86.4 —4

ICB.RLIW.TnsJ
K-SJiMn.TSLAS
KssajrCflSFaincBI

d.Acc-.„

KE N^l.' tod. Fd. Ire

KK'i'-i

Rotate Hi*^ TudrHgs Wcfls, IQ. 0392222<Z

Lft._ P9J is.qj -l_e r.jqf

P ""l

fMMwUiTrtfArojiw SH
•Frkas Aug. i sra c-^c: 4.

p

“r.fc. d Estissad,

» OmibBta
iL'diuu bursa

hnurooss. s Often'

«cw ogeatY ccaus'ei.ou. y Offered prfc el

cjicroemcslf 5nrta 3aenahnawgeiu

price, f Ctronef gross. $ SuwM*-
♦ Visa before Janay tax. t EmSS teta

r-'.'s a eJari

<L

**'*}!-,

' V- J

=

Financial Times Tuesday August 10 1982

Ltd. fe>
GMW91U

Pan; Eftcfiy-Att. .

Pens. pH* Wt..
PWF.FS3Tfm.Aee.
Pens.

gw*...-.

Pen* Money

INSURANCE & OVERSEAS MANAGED FUNDS

GrstwHe Manawment Limited Ruest Fund Mm. (Jersey) IW-

P.0. Be* 73, St. Keile*v Jerwy. 053473933 P.0. teMa.HUjRtow, OSJCMK.

CpanwHuini. Tn .. t£A72 6471 ( 5.02 OuKtSlftl. Fx* lnl.JKI.7M O.TEfaf ...

Granwitoim.Tfl.... f£6J2 . .MW
Nsn (baling day Juhr 15.

LSito. Fxd. Ini. JJ
1 ML Sea. h

— Ufa taur. OIL of Ptansytmta

8, New fai« Oattaffl, KW-
LACOP Units PL®

Nanrtch (Man (nsaranen Group

Medway 812348 PO Sw 4, Norwich NR2 3NG.

32LS1 1 -

Indexed Inr. Seriw4l
Pension Property*
Parian Equity ■
Pemtnn SeUM

PmsfaiH

nercPOn PHP

PnshM FocdlK-H
Pmsicn Indexed ln*.|

Crusader Inmmcc PL6

Torrer Hie, 38 Trlttty Sq. EC3NAOJ 4882329

SK.'K&fr® Jr

Ltotfi Ufa Assume*

20, Often SL. EC2A WXOWZOaaB

if =

Eagle Stir InsurJKdtaiid Anar.
l,TrtfMCtafedle&, EC2. fll- 588 1212

Eagie/Md. OnHs — J79JZ ■ BZJ|-U| 621

Albany Ufa Assurance Co. Ltd.

3k OH BuriteWfl EL, WO. 01-4375962

EoiityFd.
Ftawc >m.

GbL Mow* Fd. Ac.
laU.6hfl.F4.Aem.
lnU.Frd.Im.Fd.
Prap.H.A=.
MTpr* Inv.Acc.

G , td.MorJ'en.Ai=_

lntLMiLpnrdAcc:

PrOD.PHLATfi.—

U'pio imJPeiLAec

Equity ft Law Life Am. Soc. Ud.
AawrUtu Rda^ tMeondK. 049433377

sssnssicar — hui 5&a=£i -

SJSSiEi? 85 =

Equity ft Law (Managod Funds) L td.
Amentum (tad. High Wicambf. - 049433377

ttSSBfedK i m-4-

AAtEV Life Assurance Ltd.
2 -ft. Prhce sf Wales Rd* Bmomh.

tBga!i==Ba i

EqBliyFd 115 A3 ©

Fired tm. Fd 1&' 9 mi

Property Fd. U55.7 1M

0202762122 M-g™-,
a 1 _ «d-_rs*-

FtmflnL.nMS.Fd..

Ftxnf InL Pens. Fd— Q3T.7
FflghViea Pens. Fd. .flju
Money Penttw Fd... Lu«
Property Pe»s«m Fd, [uls
AWVtFTsndagtu
Amwlafl &Gen. Fd.. 13? J

Income Fd.

l ML Growth Fd. ; 117.9

ciptrai Fe»tt <4^2

Rrceray Fund |$6.9

Family Ascurance Society

68, Exit Street, Horsham.

g A.Maaged

B. Managed
C,3A„

O. FIxhI InL..

mim -

fatten

G.T. W m e ase nt Ltd.

16 FMmmt Cfcn^ Lend. EC2M 70J.'(0-62B 8131

SMflMH - '

Bwcteyi Life Assur. Co. Ltd.

252 Romford (W., E7.
BMlajdonds

G&StaS

Internal feniL

Managed

Property
Kan.PMRAceum

Do. JoHlei

GUtptaPens.Aec.__i7

fed?

-0.7 _

HL7 _

-LI -

KING (IbaagaA Fmrfs) Ltd.

Managed Fund, (520.6

lourtyf iml-. W5.9

Property rued. 2J7.7

Fixed up. Fond

Depart Font. 150.7

ssftrtctt Men Ufe te c a aw

RSMSfflau

Ordinary Stare* 1125./

Sta ndard Life Assam** C«m*ny

Z 3 George St, EriWuryh EH22XZ. 031-225 797L

ists-aoi -

BMuipsgAta Commodity Ser. LM.

P.0. Sox 42, DaugtH, IaM. 062A-23CU
ARMAC* Alia. 2 SSOW S42U 1-DJ6

BKSdB.id“

* ' — Nett ml 5ept 6.

Guiimosi Mohon !nt Fund (Guernsey)
POBm 183, SL Peter Port. Guernsey. 048123506.

jaSSt.iK,sinigl?5 ill ::r-j M

1 on August 4. M

t5!U5S::::

: dealing AugTlL

insez Urtted S«s.*.JaBJ’ Iff
Mixed* |2ui la

3 Nor. Uo«5 Ji* 15^ ^ mi'

Fixed Irteresl
Inde x UrSwdl
Cu«

Brkfee Manaqnwiit Ltd.

GPO Box 590, Hong Kong

*B?i!S4t=WP , ?U:=I «

Prraa U fcia 5. Nett deiRng Aug W.

Hmnbra Pacific Fund Mgmt. Ltd.

2110, Comausfe Cewro, Kong tong

sssraaf-.-ja* n=j =

h umbras Fd. M-rs. (C.l.) Ltd.

OuiKtr/HcimiM CcrniDOditttl

93^ &erittmS^EW7LJL 0XW4177

1 *»

RBC Imrestmeat MMWB Urnlted
PO Bn 246, SL Peter PoA Cuetmw. 0481-2302L

P.0 Em 86, Gucncey.

CbhsI Se«r\T FC.t
CjFunf...., .

Pearl Asumncc (Unit Funds) Ltd.
252 High Holborir, WC1V 7EB. 01-40;

tmf, Fnp. Di5L___.fI33i J4WI „„.J
iiw. Prop. Ace-. u/73 1

liw. Managed ilsJI I'lilj

* ' — ’ — Pension Fxd.Tm

1 1 PnTOon Index Linked

1 ..>.4 — pen^a, Cajft .

1 Ltd. San Affiance Insurance Group
01-4058441. Son Alliance Hone, Horsham.

| „..,J - httcx UaWFand

■'fSbi

Brita nnia inti. Investment . Uagnt. Ud.

HdtSMsr”' "KAin Slw a -

cX Fund

SKdalSits-fwid. ..
Surtkin faenme Fmt*.
DolUrlncDtrar FixrL
Tram-NaLTridL.
fVUU. BlTL

Ramlnco PVaugers Ltd.

P.0. Bx. 1549, HmlU, Bermuda. (809-29) 2-7979
Ramins Aug. 2 H ._- 158.66 8.93} I —

PhKiiis Asssrancu Co. Ltd.

*■5 Kbg’WUllam SL, EC4P4HR.

max=m s

, end .

Inti Bund Aug 3

Mi4i SSiStesr:

*OJj - (Mtm Income Fd.„„

:S 4 =

im. Eoatty . _
Im. Svg5, A'5U&

l=J=

Awtmtan^S'KlT
Fdr East Fund __
Jeney Enray 1st .

UMcKrtStfi'RaS

USM Fund*

Sardnf BmaritRari

Galleon Ass. rurt'BlJLCIH LOW —
tExctaes trrfha ctargr on 5Wir orders.

Hendervon Admin. & Man. {Guernsey)

7 New Sl, 5L Pot w Pert, GL-erroe* 048126541/2

sreufk^sagE =

Gilt Fund K9.47 10.»| li«5

Richmmtd Lift Ass. Ud.
4 KIH Street, Dnuglm. I AM.

ColnTnni.._ 3SA

OiUflMd fiend t>73

Gold tone 2943

Managed Fund 133.9

Petronian Oil Trust-.. l^S

feSE^BH. :

i tacztm

Pioneer Me feral tnunna Co. Ltd.'

26, Croe?y Rd, N. waierim, LT»oi 051-9286655
Managed Fund [1240 131-61 -~i —

IVotfc.rtrBI

Infarna ttanal

Z ESfiatSftSS-:i

Ptennsd Savings Group
66, East Street, Horsham

liS^Ei

5th Managed.— a 58
Pension Managed K3

Premium Life Assurance Co. Ltd. SSSiffS 1

EastchMer Use., Haywards Hmh 044445S721 ESf,

American Tech. Fd 1 95 -II ]/»« -4J1 _ DMM.r7

Building Sac. Fd...

Bafenced

Data Mangd. Fd

Fdlrrt.J

040350255 Property July 5

■—■I - Sun Lift Bf Cinadi (UK) Ltd.

~ % 3, 4, Codopur Sl, SW1V 5BH 01-9305400

■H - JBwbtrafPhm _

- Sfe

J. ^rteg Cross.

SIRT?S(La5h

UnL GerL 5ecx.

First 5teriblj.__,
Risl I noil.

Henderson Earing Group

ftn. Gloinxstcr Tower, 1L Pedder SL, Hong Kong.

Aasrslla* BJ.C9 IM —

JacenTech Kj32 J637 —

J^jnpimd 522,42 ZL95 ...... —

!.z: iooo

Weedy dealings.

llU&ffl-A:

Funfc Weekly Udndayi

Xpkil Rriurn 1120%.

Hir-Santuel 8 Co. (Guernsey) Ud.

G LcFetwr Si, SL Prirr Port. GBrnmy. CJ.
GucmuyTsL [2)7.1 22141 ..-.4 351

Rotfnelffid Asset Management (C.l.)

P.O. Box 58, SL JuOtm Cl, Gwmtry. 0481-^,741.
Hong Kong. O.E. America M.*_ J5£09 ^a-O Wj OW

IS

— O.C. Hong Kg. SJJl ,Zl —

.'Z mbo BeLFrane liS^lL am

u „ sasfedM»ei=ga|
!S. cj. RSSfeJ 3 b, 5S!=- ,2®

M " L

anted

ufactu
verj’
out.
perks
s has
burgi
l an
sector

= \sa z

Natural Resources

SOTty

— InternaHonf Equity

Equity RLAceuttH

Intrt. Fd. Acami.H
Mann Fd. AcainiH
IrxSeiAi&a.FdAOTj

Brawn Shipley Trt. Co. ( Jersey) Ltd.

P.a Sox 581 SL Heller. Jersey. 0534 7477T

= masw

Pewrion Run
Pen. Pens. Account -
Pens. UgAAccOSceoi .

Butterfield Management Co. Ltd.
P O. Box 19$, Kamllfafl, Benreida.
Butires Equity ISL66 3.90

— | I _ Butires Income .H-30 Z<

I72.ll —.4 - Prices It j®riZN»t a*, da

^ 60^^0272-299 524 Ge^^^Onfl^mM ^

E ^

VnjA . Z7J — Nett riraoing ay *Aog 16. '

Nett sub. cby Aug.

Prop. Equity & Life Ass. Co.

42 HnundTOHrtt, Lcndan EC3A 7AV 01-6211124 mTiStoaS.

R. Silk Prop. Band | 247.9 1 .—.J — Prooeriy Cap.

Properly Growth Ass or. Co. Ltd. E»3tyt!aof C ~

Lew House. Crojrtw CR9 1LU. 01-6000606

S 2 B 3 bf 4 II - BSF^

Lew House. Croydon CR9 1LU.
LMdoa A'deeit ft Ntta. MH. Aisnr. Ltd. Properly Fund.- lr - 1 S3.

Anieuraxtail GENERALI &pJL

117, Femhorcfa St, EC3M5UY. 01-488 0733
inti, tlanegod Bond.^l4L7 149.2 ... J —

«f»«5 m**™ isaffifSSb

42 SI 'I — 4 — Sic. Fund (f.i

Afibey Nat. Fund

Managed Cap

stszisr** M,Bt .sssu naiwr w *

ulcEu^J? Ri'irij'litli 4 mLwj ..^1 1^4 Sm ft Prosper infentatlwuJ

ttJSWfiSPE 1 ! , HZ ~ Mge^St-H-Iw.Jwwy 053473933

D. Mari: M035 — *063 — Ftain liUrratt Funk

D. Mari:..'...- L...M0J5 — *043 — Rxnd Intrrnt Flnttt

*s&= p =, = = lEiii

Mnnogrd Fund L9.69 10JB| — Sa. £S i . ■ 1 i ffit tSU .... 1 410

Bas 2622. Errr.« SwiaeriJ’tt
H^. Pwrwas F'd .... 1520.70
BoUnsrfl (CSF Fu.i9}IsF)941

062425031

4.47

(Ttff^ 'USm 10.701-0051 - North
KK Fund ManiffSK (Jersey) LM. Seprot.---.— — m 1

Qnte.ulliMtanRA St Heller, Cl. 053471460 gSJHELEKS 1 ki

KK Gill Fund L:d__^.|99.0 1030f -1.0| 13i»

f 0. Trust fi?£rj;ers Ud. iwttarroncy RmrnFBW

25015 % Mfc“::rr“B

SLFhedrr* — R*?y

Yen Bond**t |L181

U^?Grl>w^?an<f***. .I10C6
Intematf. Sr. *4 Bf 46

Fir Eeslernt.. : --....gj4i7 J

North Am«rl»i*t — [$5-31.
Senrot .91476

General PartfsHa Ufa Ins. C. Ltd.

Crossbrook St, CheshonL Herts. Waltham X 31971

Louden Indemnity ft GnL Ins. Co. LM fiMi
Ifl^ T^Forfa ay.ftytrig 5B3511; BSSnsraTW 1

z Bhw=

RMd Interest- RO 5t 2 1 — Money Fuitt

Hack Hum Ufe Asc, Co. Lid. — I W

' 01-6231288 KSSSS&d W

Bis* ! terse Man. Fd.
Mae aged inr. Fd.

PropwtjFd.-.

Fixed Interest Fd
am. Fd,._

InEwa rd,„_.,.
Extra insxns Fd. .
Wedtfciar&owiiiFa.

Soft
lr*_

BE-.

Portfolio M«n. Acc —

Portfolio ffc". IrriEZ]

Growth ft Sc£ Life Ail Soc. Ltd.

48, London Fruit Exchange, Q 6EU 01-3771122

EtwHyFund

QoltyFwcl(A) ...._

Mane* Fun).

Mousy Fund (A)

Artnvlil F rhl.......

Gni-ndqed Fund —

Lmden Ufa Linked Assor. LM. ggESSyK&“"

UXl Tempfc St, Bristol. BS1 6 EAl 0272^79179 e 5!-S Fi( A)T

fe^interestUZ.^I SJ --•] — IrariSi. Am ! K

Proeerty llS-? J57-2 — 4 — menutlenal Fd — r |

bxtaxedSflcTIIZlt:

-1=

Fixed Im. Inttlxl J

bvdtan Royal Exchange

Royal Eurf mge, E.C3. 01-283 7101

3104 ....[ —

BBE LMnd Asuranea LMtari

Prop. Smrtfi Pamhi rv.fi J
All iVther Ac. UCJ21V3

inw.Fd. Ufa .1

Pensiw Fd. ills 1

PenriM Fd. ms

— Cwe. Pens.Fd—

Caw. Fns. Csg. Ul ...
Man. PentTrd

Man. Pens. Cap. Ul...

3 — Prop. Pens. Ft

) — P.~op-P*[S-CsJ.Uts.

Bldg. Soc. Pen. Ul...
Bldg. 5oc. Cap. UL....

, GliSPem-Fd.

039252155 Gilts PelK. Fd. Cnp. -
-L2J — EguHy Tent. FA.......

-La *46 Equity Pens. Fd. Cap.

Canada Ufa Auwants Co of G. Britain no tom
Z-6 Hisfi SL Potters Bar, Herts. P.BwSUZ InterraUaRlIidttal

Menagcii Pen Fund .. R3W L«U j — Jta- Awan. .__

Property Pen Fbnd.-.tlcSS 1.E3 J — Property Initial

Index Lnfcd Pen Fund 11033 £1451 .—.4 — Da Atx»n.._

Luadon ft Manshatter Gp.

Wlodade Park, Exeter EX5 10S.

' ' ‘tfc“

Caili Act...

Incenat tonal Cep
Imeraatloral Aec
Amertan Cap.
American Acc.

Far Eastern Cap
Far Eastern Aec.

Dislrtoutton

Son Ufa Pamlem
(An* tor ladMdatl _

tenS3r

Peas. Equity Acc.

Petr. FVhiSrfSl l— k-

Pent. F. Interest Aec.
Pens. Cash Cap

Capdlrex SJL

PJ3. Box 170, ml Gemma 12. 010 4122 466288

- Baft===NHi «a. M

losg ....

9.ig-ftc
15.9S .. .

J .75|-IM7
.99-170

Capital Asset Managers Ltd.

fierro* Hje. SL Jultons A*,, St Pgre^

The Currency Trust — ISJXI . 90 03 | 111

Pens. Cash Ate.

Pens. Irani. Cap.

Pccs.lnM.Acc

Pens. American Cep..
Pent. American Acc. .
Pens. Far Estm.Cap.
Pens. Far Esau. Aec.

Capital international Fund SJL

43 Boukmart! Royal, L ux ertwurg

Capital InL Fund | 522.45 1-057] —

Ira. CcmrcdiiU'5T3.[77J 103jJ ...,4 -

Hert deal nr chy Sept Z EW erimg -|

IGF Kana^emmi Services Inc.. Dwrti Fwi

a* rer.pjar:. P.O. Bat 1044, Cayman Is, BWI. **-

Inicrrt Goto Fund—. I561J2 64Jfl 4 — ****Ju!y 3?{week

H.V. Irrtufe-hcer . .. . ,

P 0 Bat EM, Dcift. Holland Schroder Mngt j

worrj
he$ is
00 ett

Taking
fe popi
lonopo
lium-si
a a tar
JDg

■nevert
'1 role
! Whctl
allow
• indepi
a certa

oslt“**_. -J1598 IMLII | 0.16

‘July 3? (wtray^ilirup). Daily deaflngi.

Schroder Mngt Services (Jersey) Lid.

Eyncrttda(C;rcrPM)IEfi«27 - ]-0JS| 380 f - 0 -® 0 *, 1 . 95 ' 37561
iRternstfaral tod Imrt K J “

ChartcriiOKH Jaghet
1 Paternoster Row, EC4

•Prices at Jtty^LNett 1

— Target Ufe Assurance Co. Ltd.

Tarcrt House, Gotafamse Road, Ay(e
Bucks. Aylesbury

* 2 j. Providence CapitoC Life Amc. Co. LM.
_ 30 Uxuridge Road, W128PG. 01-749 911

*L1 Special KK Fii

ACxn. Fuad Inc..
Man. Fund Cup.
Man. Fund Acc.

Ii.7«,m B5-Kilffc
Prop.Fd.Cao.

Canaan Anurenca Ltd.

3 Wyirplc Way. Wenwtoy HA9 ONB. 07-9028876

B^Bd./Exec/L^tir Mas flfS^OJXl —

Cecnrit Good l54i Ki« —

E^lty Ac an JWMfj -SS -

Deposit IrriM
Dc. Aceom-r -

- l-QJl -

_ Pens. Equity Acc...,.

Pens.FxsL b£ Inttlal

_ *Pem.FbmdlnLAec.
h57liWttai

Pens, him nWai
Peis. Inf L Acc. -
Pens. Prop. lultM
Pens. Prop. Acc,.
Pens. Depfts. In
Pm. Oepos. Acc.

— -IU) — Ind Pr-s EcLfaj'.'c-

— -Dil _ Fed. In. Aec. -

— -06] _ Ind-PenlFrilnUcc.

— - 2.3 — iRUd ,5cc._...

— -i-Oj — , Ind.Pens.i.ml.Acc.

— -p-Jl *13 Mataojii IHLricc...

— -Ul *0.7 Ind-Pe^Ww-F^Jc:

_ — . rL7] *05 PnwertvFd.Acc....

where reduced mgnt- chwgrs apply. in 3 .Pm.Prai: FdAx.-iaarT /a-ti ... j — u.K. enutv ro. inn

For OtJwr Filds and Capital Units ring 01-749 9111. Irrt |q2hyFd. Inc.

1 Provincial Lire Assurance Co. LM. IrruE^^Fd: Arc.

m navenn e_ rj 1 — x

Prop- Fd. Acc.

Prop- Fd. Ink.

Prop. Fid. Imr..

xedirt.Fd.lrK.

. xedinLFd Cap.
Fixed Int. Fd. Acc.
Fixed inLFd-Int-
Drp- Fd.lnc...

Dep. Ft). Acc..

Dw. Fd. Ink
O: Equity Fd.lnc.
U.IC Equity Fd.CiWL
U.E Equity Fd. Act-
U.K. Equity Fd. Ink

£S»)«4i WSEz

I7J| - SDffi

Chartertiouxe Jaghet Currency Mngt Ltd.
Channel Hie, SL Heller, Jersey. 0534 74639
Cntiol Assets Currency Funds Ltd,

flta=| JMz

D Marks 1 40.11 l-a»4 —

Sw Francs

120, CheapiidCi EC2.
Am. In. To. Aml 4_.
Asian Fd.JulyJ9.„
C{n pride July28.„.
Darting. Fd Aug 9..__
Japan Rd. July 29. —
Tralaigar Fd. July 31

iM ZJB1 *01

W 30 :::

Chpwton Comm adit let (hie of Man) Ltd.
29, Athol Street, Douglas, l AM. 0624 23724

Normandy Metal Tnat.
Normandy Com. Til.
Cut*. Currency A &

CornbW lit. (Guernsey) LM.

P.a Baa 157, SL Peter Port. Gnenney
tntnl.Man.FA 12248 244.01 4 -

, Sitter national Sand Trust Nrtt uttscrxnttn £y Augu

“ a57 > — Z Bxlnard Royal, Lmcmtoirg

ciassArJAyAng9.,.| £9.20 I-0.19I — j. Henry Schroder Wagg ft Co. Ltd.
Clns B WAV Aug 9—1 510177 _ 120, Ctwinlde, EC2.

cn ' 2 f 3W iRtMnsKoiiaS Psilflc tnv. Mgmt. Ltd. £,

■— J Tie P.O. Zar 17237, 56, P.U St, Sydney, AusL cfwaBrideJmr^”" V%'V —

wSTlf" 9 Javelin Zqul 1 ; 7sL .— 1SA3.34 3J3| ..-.J 8.00 SflSJ* |^4 2J

inwslinetit Advtaors, Inc. fflBSrratlT

*HL Ltd. pm iiRnrvt tonal Plan, Hou«on Texas.

0534 74639 Schrader Unit Trust Mgn. I

UK w:«7 B4U 1 * Bcx273 SL Peter PortGuemsey,

.nail _ . Mngd. Curncv. 507.1 532

>00] — Invlcra Envestment Management £ Fixed interest.. — .596

-0». - l-.IttriKj eras:, EL HeHer. Jersey. 053473741. tEaulft... — g09 6 m3

9 5 BGSMdW ffl ::::i liS

JcrUInc RemfaKj 6 Cu. Ltd. CunttvLftFdiaih 532

Mob) [M 'liar Rose, Comauglii Centre, Hong Kong £ ittUfa Fd

i£4BSz=sm - :i'i 70 iw-stSw

d SSS fttagtgg jSR = -g| r» _ . . „

Do. (Acc-on.) hfOJUJrf — - 28 BJ - Scrimgeour Kemp-Gie Mngn

J. r. rA:.Secs.(lnc.JB4A5 — -015] LOO i. Charing CroaSL Helirr, Jersey,

w, !ft%B$zzz&8 = oio aSjjgglB-w %

1 P|?h Z I™ L30 139.

rates 1
uple Lm
y, the
ibout t

>endeni
•t arriv
iploraal
‘ that ti
( less ea:

SUTVil

its doo;

Schrader Unit Trust Mgn. InL Ltd.
BoxZ73SL Peter Port, Guernsey, 04812&750

ff&fi'SSfe-.-IS} ta :: 1

£ Equity 109 b Ilf/SA ^.35

SFiieo Interest WJ lBM

S Eouitv 74.1 783 .»... L21

Mood. Cnnicy Ufa Fd
£Fhmd Int UfeFd

«• |Wll®Fd

Equtft LBe Fd ..IM.v < 0.1

Prices on August 4. Nat dealing ,

Cortex* Internet Ions!

10 a, Boulevard Royal, Luxembourg.

Cortexa IntnL |$7U2 — |-0J3| —

2 nd Gift II

2nd. Afliericen — [1

2nd Inti. Money R

2 nd inarc p

2 ndEc.FereJAcc._Jl
ZK Prp. Peat/Aa: Z4z
2 xo Mgd. Pc 3 x/Acs_ll
ZnC Dtp. PenvAec — |)
GiKpeK/Aec.. — rr
WAia. ffaB/Aoc — R
2RH5LMxH7Fetnl£c}l
2 ntl tfiiec FeinJiacc. »

L 6 ES.LF. , 2 ^'ZW

Current.

Hambro Life Anaraim PJ-C.

7(Kd Park Lane, London, W1Y3U. (04990031
Fixed InL D ap— ,

■ Managed Cap
Managed Acc

M ft G Graf Provincial Life Assure

Ttvee Quayx, Tower HBI, EC3R6BQ. 01-6264588. 222 EatomoMe EC2.
American Fuad B«pd.[73 ? .C-3-9-9 — Manaaad ch ncr c

American fbc- Bund. 103M -43 _ ISab

Australasia Band __Iz9D 83 JJ -01J —

Commodity Bond

Provincial Life Assurance Co. LM. im. 1
01-2476533 Int.f

wdt
AmerloflAcc.
Peo-F-lUep-Cap
Pen.F.LOenJtce.
Ren-Pn^c

1 j - SliSBtc*

ter ‘

Pro.

090228511

|:d=

1 H Pen. DAP! Cap.~
Pen.DJLF.Acc_.

Capital life Asummat
Contfux* House, Chapel Ash w*ton.

feSSSsri M

Chieftain Asswaaca Funds

11 Hew SfrocL EC2M 47P.
Managec' Grontl! — {?4458 1518

Mawlrtll-issnto— i ^.2 19-S

IrainaMwrtO

V-‘tr. Ipowre

l.-uaaie i * wlh
B«fc Rrworecs
Amertair tr
Far Eastern
Cash

MB =

01-2833933 Hearts of Oak Ganafit Society •

f-0.99] UJ 6 129, Kjogsway, London, WC2B 6 NF 00-4040393

= .BaB=M JH=i= £jg£

~ HtMhfssn Admlnistratlen

City of Westmtatfc .Assurance

397.41 -3.4

154J

175J ......

ms -1.5

yFd-M —
Ac. Pen..

CnigmuDiit Fixed Int Mngn. (Jersey)

PA Bor 295. SL HeHer, Jersey. 0534 27552

GUI Fund, J^.„.J^w^. JB.«>

J ?.S.£A [22

Ds. (Arturo) |S5

J.F.WiH

J.F. Cur.4BS.FdAlic.lSl
Do. (Acn.TR.) _....

JatinF padiicCim'aWO
Australia 7S — fXGX

=

?B0 —

- Scrimgeuur Kemp-Gie MngmL. Jersey

LM 1, Charing CroaSL Helier, Jersey, 053477741.

^ ®BSfia=|tf Tmi=j «3

r w G IK Bond 1132.9 2JM| 1 —

15 — »aC

32 — *0.V
41 - -m

Ijo Sentry Assurance International Ltd.
lloO p.o. Box 1776. Hunlllw 5. Bermuda.

530 Managed Fund R3.9422 473641 .....| -

HAV Arm. ?. Krtt Ceiling, dav ,
Londun Awnt: BWI. Fleming *■ Co. T«

Signal Ufe Assurance Co. Ltd.

2*00 Ocean Heights, Queemway, Gibraltar. Telex Z33Z.
Growth Sottegln Fd._fE2.95 29S| .....J. —

ReL Plan Can. Pen.
Man. Pen. FB. Acc.
Man. Pen. Fd. Cap
tan Pen. Fd. Acc..

lit Pen Fd. Cap™
Prop. Pen- Fd. Acc.
Prop- Pen. Fd. Cao.
Guar. Pen. Fd. Aec.
Guar. Pen. Fd. Cao.
Irrier-L Pen. Fd. Cap,
Intos-L Fen Fd. Acc.

Slrrllno Fund

DWS Deutsche. Ges. F. Wertpagiersp
Gnmtwrgweg 313, 6000 FraMtfurt
Imesfa | DM3055 32101-0151 —

Leopold Joseph & Sons (Guernsey) fcrowu1soroBinrn._rM.7u tro 4

Kirael CL,5 e Feter Part, Guernsey. 0481^6648. ■ 1

I..I. Strrfinn Fund K15J0 15301+008- 3? l ®* r fTSf]""' tMw

Ll. Sterling Fund (£1530 15J0(+0JB

L J £ 5 Cmrency Food

TclepHcn^ Manager for latest prices.

s =

j^r “ For -Spiral Unit end GJw F

2fl, Canrao SL, EC4.

mbenzfHttS Ifi

m3 . _ j -

Delta Group

Pi). Box 3012, Nassau, Oahamas

KiHmrart Benson Group

?(), FernhurctfSL, EC3.

US. Dollar Fund.
Swiss Franc Fund

_ Deutch* Mark Fun)

For CjpiMl Unit aid GJier Prices rug 01-247 6533. Y «t Fural

Prjfkairt Fmiottf Limited
Hoi torn Sar;. EXiH FHH. 01-405 9222 55_57>

Deutacher lit m tmetst-Trort

PosUach 2685 BMergassa 6-10 6000 Frankfurt

s wgjgm — (sag warn ~

int Rvntemnds -~JDmWAZ | —

B lns.toto....

uref.-

R.S. InL E?. Fd lie..

Strategic Metaf Trust Mngrs. Ltd.
01-623WB0 3 hid Street, Douglas, I0M 062423914

] ] f-S Strategic Metal Tr. -159258 949.0! .._.4 -

Eqjuj Fp. Ojig. 4 — |9J7

Iml.Fe.AoCs |J7

Fbl»d l.iLAw.4 . — M.jJ
Prop-Frt An.- A.. — 5109
CasnFiuxiiUig *. — 13053

Trareint erratic nal Ufe Ins. Co. Ltd, __ , . . .

nitfBK °P92 55-57, High Hotooru, WC3V6DU. 03r8317481 UmPMt

Uk-awrccc C - n— rj 1 ™ D -.nn r 77. London Wall Lnndon. EC2.

es £ Man. Fd.
Series 2 Equity Fd

Serin 2 Prog, Fd-_-
Series 2 Fixed lm Fd
Series 2 Money Fd.
Series 2 D'sWsFd.

FtoJl-rii Fctfrismert Plan.

Marmyeo faM IQ.C72

Carii Fund - (£3.012

77, London Wall, London, EC2. 01-61
Mnchoster Din-nlllod Ltd. NAV June 50.
Winchester Owwas Ltd. NAV .h'ly 30. II!
Wbidiestcr U4. Reserres Ltd. Cmrcn: yield

wra = .

M-6M3200 ^Irt

MVtt TrcniPtiwcti-d MU8

StroHflhoW Management Limited

P.0. Bo* 315. SL Heitor, Jersey- 0534-71460
Comeittfliy TrosL..— [13046 13753) .—4 -

0.95 Surimrest (Jersey) Ltd.
— 4, Ha St, Douglas, hie of Min

££ Copper Trost |OU5

062423914
12261-0391 -

m :::::) =

Tiiito imesL Fd. ,
Tulip Manag ed Fd
Ptoaged Inv. Fd. InL

d lm. rd. ACL

en.Fd.Cap.
Fd. Acc.

— Refuge Investments Limited

IQSthrcrd St., MancWTr

Mar.aoed __ _..il4S7

Prooeriy— U053

a=j =

Dreyfus IntereontlDcntal Imr. Fd.

P.O. Box N3712, Nassau, Bahanas.

NAV AligS (26.70 28.40) .) 6.40

Trident Life Assurance Cu. Ltd

K fe rndNctunrs Ufe I romance Co.

SL George’s Way, Stevenage. 043856101

Ftatt _ _
thdutL-Ap.

Fund..

GBlFunJ

Msrki, s a*

For Fmo« - Wms pVast'phaoJ OS^j>OWCS
Senas (Z.Pdkis an te-aHKIe* Kurd afar 155981
Series u) Ttwse are ta >tces Mr earlier poteet

HR Samuel Life Assur. Ltd.

NLA Twr- AkBseomhe Rd.. Cray.

- — “—Fund ’” 5

Reliance Mutual
Tunoridqe Wells, Kent.
EmrilrFiiixi jlW J

Kf.Fd. 'fd Issue)

Prop Fd. (2nd i&f uej [130 6
MwigedFri ..Ilia j

-•-•J “ Duncan Lawrie Inv. Mgt. Ltd.

••"•* Victory Hse, St Peter Port. Guernsey. 0481 20034

045236541 =J 4S8

,ra,wr>,antc " 0 ™ ' ^ TfiB Thist Fundi (C.I.)

Ktsrea Intanatlmal Trust 10 Wtiartst-SL Heller. Jersey (Cl). 053*73494

Funr! Men.: Korea Invert. Trail Cu Ud. WMM ll# a-ffi-g gM f B-O

cmu ^ "■ "K«i«r ft is =1 %

WAV Ww 6^.980. ICR mtoe USS9^3688. 1 k

The Korea Trust

IfeeNsn Investment Trust Co.LM. Tokyo Pacific Holdings N.V.

3-518, Vpld?-dong. Yonsdimam-Ku. Seoul, Korea int Ms Management Co. N.V. Curacao.

NAV Ann. 7 (won 10.966) (USS14.7B). NAV per share Auw* 2. 572.66.

SEEM"-

Rcyai Llf4 Insurance Ud.

faer Km- Hum, Lwa L693HS 051-2274422

Loyal Srrteto '?«. i 21711 250.7) -L3 —

Royal uK tBntt WoBjui AanoeiwK) ft*. „

Managed Fund -Mji, IpSJj-^S —

Pmrfv^N.r .JiktL9 ZGciJd — 0_7r —

uSSfSS 1

ir^ufpv rup r

Cfaricxi MoScal MarugeiL Finds Ltd.

15, SL James'iSq., SWI7 4L0. 7 01-93054

Cmancixi Fund
■aiuged Series A_
MMWd Sertef

Prices Aug. A Unit 1

C om mercial (listen Group

Si. Heteo’s, L Undersheh. EC3. 01-2B37500 NehMR

!::::) = ©6
UU^ |_ IU^H kto|feuf|l la nicy-

53SMffr==3® wM - -

NttWtostUiuiT/iittli:

Confedmfion Life Inmnutca Co.

50, Chancery Lane, MftZAlHE. 01-2420282

SU^uint

sai!rj

Confine ntal lifa (nsuraitca PLC
urn nghSL, Croydon CR09XN 01-6805225

83S?,£2k-&Mi -

Managed Ink.

Do. Acoufl. ...
PrCMrtlrlflK.

Do. Amen.
EwnrirH.

Gik^Sed Irii ]

SEaSHi,

Eiuntv ^ittc llktl?

Property Fund KD6.8

IrasnsiUonel c uml — ITj;- .

GB-.Fum {1514

Mona,- Fund

Money....
Irxenuttonal

GrowthcSK
Growth Acc—

Pens. Gilt Edged Acc.

Emaon ft Dudley Tit. Mgt. Jny. Ltd.

P.O. Boa 73, SL HeOw, Jersey. 0534734

P.O. Boa 73, SL Hefler, Jersey.
E.D.I.C.T -1902

053473933
3D7-ZI i -

The Engflsb AsioctaUen

4 Fore Street, EC2-

E. A. Intnwe Fd.*__j5A3_

E. A. Sterling* JC7B31

01-5887081

£

tttCjn-Fd.'-jElLa . 36

daalkg August t “Nett 1

Lazmrl Sruttun & Co. (Jarsey) LM.
P 4. Ec-: ICC, 5!. Keller. Jersey, C.l. 0534 31
Lc. Grot. ir.L Cao--..|5DJ2
Li;. Cm. In h
U.i. Etc;. f..L ..

I t. BreLln; Ae^:!
p>;.Brs;. I.tj

i Tokyo Pacific HUps. (Seaboard) H.V.

I noma Management Co. N.V, Curacao.

UTS NAV per share Aug 2. S53U3.

11 ...J 2.96
Utng Aug. 3L

Capital L-vrtfi bna E|i023261060.
Lloyds Bank (S.t.) U/T Mgri.

33 = fffc»

TyndaH Assurance/ Pensions
m ee, oom IB, Cmtynge Road Bristol.

01-554 B899 tjft* jn*

-G.4 - Do. Pens. 2462

-0-9 - Equity 2253

— Bond..—.—— 224.4

-0^ — Property 1P49

— Overseas lm. . — .. — 117 j

— UK Imr. 2W.9

-4 9 — Deposit..- 177.6

-i-. - Msn.Pen.3-W 207.4

-06 - Equity Pen 4352

■ i — Bard Pen.—..—..-— 270.9

~9.?J — Prop. Pea 169.6

°*R#wScries , 1rom"i *11 1 lra^a
0705827733 Nth! AmprVan Eq"-i i>.<f 10L:

-M : m

ill = SSfflter::=& a . S®

-IX, - VUswedT. 303.9 fl»9>

-3.7 — Index LUrirtd Fund— 99.4 304/

~9j. - Vanbrugh Ufe Assurance
~ Ly * z 41-43 Maddox SL, Ldn. W1R9LA.

-0.6 — Managed Ftf. (226.0 2ZZA

■+QA — EQuiiy Fd..— — 3M.B 3SL4

+03 — Inttt.Fd 122.8

-0.4 — Fixed Irt-Ftf. S7.8

-04 — Prap.Fd. — 2352 2476

-06 — CaimFd — —1165.3 374J

■vj “ Vanbrugh Pensions Limited ■
Tl - “ dl^3, Maddox SL, U»ruWlR9LA

- Managed 11*6.7 186.0

_ _.Uc.GW Ink.
Do-Acoeo.

Z ■ Meroh ittt Investors Assurance

Sroe e. Prosper Group

4, GLS'.Hel.'i)’:. Li.rtt., HC3P 3E 9 . 01-554 88

-ojb —
57^ -

§aasv?==BK M'Z =

Gift Pees. ru. |l525 lA^U -06 —

Dcptrs. priii Fd.* — jl6ei7 17b^ ..... —

Lew House, Z33 High St. Croydon DW869171 A^tottFri^tr.r.W -9.?] -

P mlT i B r fcl . ' — -* — *— | ^3 I j — 'Price-, cn July 28. iWeelnr dealings-

---I 84J I ”"IJ — Schroder Life Assurance Lid,

W-vssrzzzz

«s^=-

e 1 bs==

8f Canada

a B fc£5 , miy —

k^rPB.^

IndQ LMced.

Schroder Life Assurance LM.
Enterprfce Kojsc. Forrjneuth.

Property- jK 1 ?

Overseas n

Ntomr. W7.U

C?MtSnnisitf fcingd|bfr.7

Income Dktrto IZU3

Income Aram. 1707

cental hoij

General fc“9

Euroue.— 195 *

faaL==qB

SaPS Fw"im..r-::Sy)

GiP&Fxq. lm. ‘^0

Australia— — i-ij.7

Stoeapare 8 Malay -faJ.9.

1 1 _ smupoie « Malay ... ra-.?

I ::zJ — MldUple Health ud Ufe Amir. Co. Ltd. Equity^awn .tsOJ

1 - J - ssera^' *- wsr tol Bajaard^

ErmHage Manaflement Ltd.

GremiUeHse^SL Heller. Jersey, CJ. 0534 76007.

External Fund— 1 533223 J I —

Cash FtxxL — ] 0459 I —J —

P.O. Bib 195, SL Helltor, Jersey.

Uajcfc Ttt. O’tsas. )75 J 7981.....

Nr'tt drahjii date Aiamj2-
Uoyds Trust GW ^5aT.....

Nett Heading date AugU

053*27561
4 3J*

TyndaH Group
2 New SL. SL Keller, Jersey.

TOPS L Aug 5_-

(Accun-rim*)

CB5RSs=fl^

05343733173
IS - — J 2JJ1

(Noiki!ac&3u4[

Eurobond Holdings N.V.
Pfeurmul 15, WHIemsutt, Curacao.

S.G. Europe OMgattens STL
9. Aeeeue de la Lfacrte, Luxembourg
London Agent: FFS, Safab u t y Hse, London Wall
EC2M 5TA. T«. 0 1-920 0776 Tefex 897281
Europe-Oblloaitoni.-I ML79 )-D51| 141

Eurotax Investments Ltd.

1. Athol Sja Douglas, Irie ol Men. „„

UK Agents FlS,SL Album. 0727 33166

Euratax Inv. Fund.— 1106.6 1145| .....4 -

Exwcuthre Life (C.I.F. Managers Ltd.)
P.D. Box 1063 Grand Cayman 8.W.I.

Tram Altaic. Gwth Fd-| $3D.4B | 4 —

Lfeyds Bauft IntematloiwL Genera n »

p.a Bjr 438, 1211 Genew 11 (Swtaerieud)

Utal2SsS^8IB Wlri iS

Uovds Bank International, Guernsey P *Do t j5H tty

P.P. Bar 73*, GiWTJiey. 048126761 North Amer.

Alexander Fund J S1121 I — J — Do. S

Wexi ass;! raiue July 19 UKct^ky

Louis Drayfus Commodity Fund irxrnuiT.'RM

c/o T.-usiw, P.O. Eo-i 1C92, Cayman Islands. _ Pg. 5
July Zd. Valuation per uniL 85,427.63. iio-
M A G Grown DoUw,

Three- Cuv*. Tower HI# EC3R6BQ. 01-6264588 s J2i'

AUamir Ei tun. i.. -155.09 5.43 4 — Oo.

A'.-rairar'-.Sj^im*: ,_‘.SC7 324 — 4 — Commodify

(Arcui-. Un:Bj.. 153 J}1 ««< .....1 9g CoJd-

i-iand — Stub Jflc -j-a 4,22 Do _5

( tex-m Units) ~..|276 9 29351 -2J| 4 22 uKPraptrrv

rswa

“£ h ir

UK d»

Internal!. Fixed Iol
D a. 5

SteHl

- 00 -
Dollar
Do. *

Com modify
Do. S
Gold--.
DoS

UK Praptrni

01-4994923 FAC MpntL Ltd. Inv. Advisers

2, Laura nee PWrnowy HIU, EC*. 01-623 4680

F&C Atlantic Fd. SA .1 S9.pl |-0Jg 166

FAC Oriental Fd — _[ SU.43 -U.T^ 122

Price Aug. 4. Weekly dealings.

fAanagemetr: InterortHHial Ltd.

BL. p-rcuuE Slug . Bermuda. 809-295-4000

B&Sft&Wsd aB^JMiao

Price) 1x1 Auguri 6. Wist dealing August 13.

Interntti. Manage*

Oo.S

UK Managed

Kanafecturera Hanover Amt Mgt

M. G. Tyrrell ft Co. (Jersey) Ud.

ITt.l

q5i

WR^FimH

Property FhSI

IfaSnMwraM

Overseas Pension — *W.4.

“ atoney Pension IjiJ

__ Mjfc«a?d Ptnsiw.._..|446 0

Amerfon Pension fe-}

CornM tasuMBCf Co. Ltd.

*LCorah8l,EXJu

Irish Life Assurance Co. Ltd.

BesUdea House, 7/11 Mourrat*, EC2. 01-6068401

rmm

NEL Pa astern Ltd.

Ml Ron Court. Doridna! Swrey.
•WwBq.'—

Nffax

f im' i merest 166.;

Property.. U9.,

Irioec Uniced Gill 97.4

> intnseca Cft .fUK)

EC3A 500. 01-283 Z41L

0306887766

^».^d w %62^:::::i*=

WhHHor Life Assur. Co. Ltd.

Royal Albert Hse., Steel St, Windsor 68144
ImesMrJIirib. 11135 IW.5K .1 -

+02| - ndallty International.

01-4994923 UggCSB/r H * K,I|W '
J — P.O. Box 670. Hamlkao, Bermuda.

:d= ffib m

4 — American Vate. Com.lF.I 5839 I . ...J

PO 52. Si Prior Port Gvtnon. 0*81 23961 M- Box 426, Sl Hellrr, Jervy, C.l.

sa^&Buni=isfi ^ 1 " 1 “

Witenri Ear* Trt. Corp- U«a> Ml ?{5.‘ VMU

G. Sue. Pension (Z26J

Prices are far Lite Sercu < Acc Aw

] __ Auum Pen. Units. —

6 'ant Pension P”- i 1 ?;

5cottfati Arateable Invsrtments
P.O. Box 25, CraigfarUi. Stirling

asiB3i=.ii : j.i pi

CasnT...; r-.-ic I 113.7]

Irde* Linked Gilt _._.-9h 5 lCLtl

AAuipgm.^ P^4 L 8.®

Eampi Eq. InIL — i *E2|

Ewrppi Fad. InL lnft.jlp.7 1J?-!

Os-.WUffl... — .1.73

Exempt irinL Ink SdjI

Future And Growth .
ReL Ass 'a Pen. — —

American Vak. Cam.*-. 58 J9

ThTu'C'

Interna I ona i (VT ™ }33 t5

Orient Fund (II SICS

Pacific (1) $P-£

World (7) illJa.

American hK. Til (z) 465 • 49.

&m Fund 232 23A

X Prices at July 3L

+CJX 13.11

-02° 083

-k64 075
— O.Jr —
-flT) 0 W

JP*S ' “ 2£ St. aTOBMft E5: 1

^rffe|S.Ss M :::: i ^ «*■« “■-*** “-* 10 - 101 -

Micr.-jP*:, Oiis Res. Shrs. Fd. Inc. Union- 1 nvestnrairt-G ese 11 sc haf t mbH

FOB-. IM. SLKriltr, Jersey. 053427441 Fostfach 16767, D 6000 Frankfurt 1*.

MWESAupS P721 . 9.421 .—4 127 Unjfandl

Samucf Woniatai LtSo. Agents Unranta

7 1 a Iil-J Bread r.L. EC2. 01-568 6464

.M-ir/un.6 at NSJ

Ana'la .r.-u-iO... .|F»^53
Jwnes: Aiij Ji_.._ J20J9
117 -'..cop July .’O...JSii.9?

ill E OFFSHORE AND

>vr jh

14 Hew Bridget

»-0 «4 — 4 - King ft Shmoa PLC

■ SSLCmhUL EC3. 01-6Z35433

«8BtaC&.ild. S822HUN -

gf' ta V«^ 5 ^ L«9iam Uh W. d. JJft

IM «S-83 - L ing hfan ifer^ Hotmtrook Dr,, NW4. 01-2p35211

IB * — 1 "

HPI Pmstens Management lid. Exempt irfaLTriit. .JIk: 2 s>j jl -15 —

4flGrt«dllirdiSL,EC3P3HH. 01-634200 ~

-citaiewftdL- ES ££33 ii^ =

Da. Awn. ”012 "Diw —

NaHoort PrvrMnrt ImtiMton E«mpv Nan. m. :?.73, -is —

48, GracedurcbSL. EC3P3HH. 01-6254200. Do-Accen U5U lOtw] -04 -

H W gg,— ■— rr — BftS ~ ~ Suttilii Mutaai Assurance Society

jMEmdfc «a-o:3 “ Z09 ft. VincHitSu Glasgow 041-248630

-b j

lhil -o.i

D°J

13.5 -0.7
So j| —
S?Jj-L2
W a 4G2
IC^a ‘02
M53 ...
IDifl :

Fleming Jap>n Fund SJl.
37, rue Notre- Dwne. Luxemburg
Fleming July 31 1 4253

117 ...cop Juty isii-w
117 Slip A-.Aup.3. £L329
117JfrocjfdAU5.A!E5 5»

Unlrak-
tfnrenti

01-5686464

4 7.40 V.CA Flmnetel Management Ltd.

— -1 «, Essex Sire?L London, WC2. 01-3536845

-Obd fjS PanArear-CriFd 15448 - | .-4 -

Atrip Invert ire nt

Post lac h 708. 8000 Munich 1, Telex 524269

Legal ft tawd (IMt AwwOUd.

% 82 ?z

BSSfftr

■ndexadfcllt

Adlrena —

DNriMan Aug f82
AdWcrta..-^— — -
ns tn But ton Aug ¥2.

Fandak

Ditf rtaution Aug ’S2

Fondfs

DtstributtonAuCBZ
AHwiy Fund Management UfliKed
P.U. Bor 73, SL Heller, Jersey. 0534

Albany SM. (Cf) — 1515900 16176! ..~J

Frankfurt Trust Investment— GmbH
WteHHttH 1, D-6000 Frankfurt

MEicfl I SSU =

Mwrrau, Johmtone (Inv. Advhar)
^.HtrtTSJ.C-lacnw.CS. 041*2213521

Kspri- jaii- 7*t I JJK | I —

i-lUi.'Cy FL. .Uil? 31. — ] 51SJ4 -J —

PiciiicFurd July 31.J 535c | | —

Vanbrugh Fund MngmL IntL Lid.

28-34 HIU 51, SI Hefler, Jersey. 0534 36281
VMngh Currency Fd.|1108 1312] .... ( 8 XU

Free WerM Fund lid.

Butterfield Bldg, Hamilton, Bermuda. .

NAV July 31 4 $150.06 I 4 ~

PjciMcFurd July 31.4 Site i I — Energy ImJ. Au

fiat. Vttetail ns(w Jersey Fd. Mgn. Ltd.

23.-25 5-raJ i-_. S'- Heller, Jcrsc.-. 0534 700«1
Kijil Incjrre Fund._.[<9A 518] . -Tj 1176

ssaaSiMKF jS:.9 « * 55*15

'SA. dsv crery Thn. » Lfarary Place

S. G. Warburg ft Co. Ud.
30, Gresham Street, EC2.

rgy Inti. Aug. 6....I $24.77. 1-0.454 -

c. turobd July 28(513.31 13.44 . S.«

j»a =

NQf.n 20.9
DM0.99 —

nent (U.K.) LU.

ScotUsh WIdawi 1 Group

I, Sl HePer, Jersey. 053473933 London Agrms for:

“ wfcdUL JM

Aden Harvey ft Rm* imr. MgL (C.L)

1 Charted Cross, SL Heller, J?y, C.l. 0534-737*1 6T

Berry Px Fd. —
Berry PacStrlg-M

KtCdHfl

i Inter na t io na Oodar Iteienm

r BSRSEzrJH

EijUkly Fund ji0«.4

PrwrfvFird. 1US.7

IntensuBMl FtMd—i'Au

FtatemL Rind 217.4

IxC/jSdLfU [96.7

CttA fe. — _._‘£&6

FWs. Mixed Fd.Oirt. ms
Pens. Equity Fd. Out Up
Fv-c. Prou. ?t). Sd... idfiJ

Pens, jni FdOrd m

Pens.Fxri.ini.Fii.Orri. 7740

m

8B.W-U
ini'll +c.i

iz&« -i?

Advi ACM I, sSSquew KcS g ^48 8881 gxBk.T&rigJFdT; 03^ ^438 ”
DUtritaatan Aug 5 (0.000297) aL496 pi) |.T. 6 total T«S fS„ ^0.00 ..

AriMfewt Securities (C.i.) Lffl. (a)(8)(h) g.T.jrwstFd Slirf -ju

P.O. Box 428. $L Heller. Jersey. 053476077 j&flSiSlfflH - " Kn'S " fl

Mta lm^T^._jS0»Z Um KraflE: gio 41

Gx-fe-Mic w ...

Oterll^S^mr 035 Gartroore Inmt. LM. Ldn. Agts.

Dealing Pi Wednesday- 2, Sl Mary Axe, London, ECS. 01-:

B.IA Bond Investments AG . . Cartoon Fund Manager! IC.L) LULL

10, BaarerstrasM CH6301. Zug, Switzerland Jl. fttaiSL, SL Helrer. Jersey. OH

Bearer SH. July 19ilW5il 10,9001 4 — Gift Fuad Omey)--|M.r NAG.-.-

Bank of Ameria International SJL
35 Boulevard Royal, Luraicbaurg G.D.

G.T. Asia Fd

%BB*=

G.T. Invest Fd

053476077

ils

4Wd =

New Zealand Sth. Drtt. hue*. PLC
Mtttfand Home, Southend &S12JS _ 07026295S
lOwl Km tab Plan

Pe« *>u.i uug 3 K8L

Do SE Arg 3 .. — <4|3.l
DoPrar6Aut3.. — giOj

DnCasn Rifiag > fclT.i

Ex L'nl. Ac: Aagfl—b??/
Ex -J nil me Aug* I2JJ.1

S^-LS

I3 c !2 -o.d
102d +02

3-.5.« +o3
■tSLli -ill
4B3; +A$

i.07

in

... . A.W
-DOS UJ-i

141

„.... L«
.. . 0.70
-017 073

WWtovrtl income ..-.I5UOJ7 UD8K | 16.73
P^es a( Aug 5. Next aib Aim 12.

. : Lent ft General Prop- Fd. Min. Ltd.

Z lUbeen Victoria SU BW» 4TP. DM489678

B z - -

Shandia Life AaiuronM Co. Ud.
le i-ibcp Fleet SU Lonfan (£C4 01-353 B511

B= :i| =

..J — Gill '(to! Acc SftO LlsJ-M —

« =

rr.!Hf«r?EE

{ntMTSltTv-Ul Au_._ jU7,4
Pem.W3rjgrtAoL..h3iJ JPa-l-n

Pern. Equity Acc. U4d. 143K -3.6!

Fcr Pries? of Ota Units tsi Guar^we
Baris Rates pieaw Phone 01-353 8511

ClKtays Unfeora iirtensrthutal
2, Chieteg Crete, SL Mettaf. Jersey. ASM 73741

'! Trust.—— WOJ.. 42JWI —J 23.00

Lr Trust

Tte ma^BoBaaLHaeTBim u»0Db
ittoorn Aust. Ere._ -J47.9 Hitt J Lw

De^&te’Pacintmt^L* ^3 ."i-J

Do. Ml. lncane_.H

Oo. luisef Man TjL
Do. Kumt Mutual

2, SLUaiy Axe, London, EC3. 01-2833531
Garteian. Fund Man age rt (C.L) LbLfa) (hi

aiaafeScBr^fciw ^

ten (Fir East] Ltd. (al'hJ

asr'ia

.. 240

. (1.60
o*s

9.60

Ncn'rt E.A.

10." Bcu'crard Royal. Uxcmbot'rp
VAVAug‘1 [S9.23 - 1-0071 -

K.i.L inlcrriotibiul Ltd.

P U. Bn? ‘1°. Et. Peter PoiL Guernsey, C.l.

Siw «!,-»= Deposit KA4 66-Z —

FlreJ Iritrcil.lsS.) 693 —

& , .*rlingVo. , 'wd [s56 W.fl —

hl!l.F , -C’(|OirreK—- 7^3 .... —
Jnnd. Managed h»L 6 6MI .—4 —

HorfhBcii* (Jnit Tit. Mngn. (Jersey)

?.Q. bo: 82. 5:. Helic.-. Jersey, (B34 73741.

f-ac'fic Fd July 23 _.. |3?.41 M4)5| .....4 -

Pacific Basin Fund
:0a Boulcnrd. Royal, Luumbmeg.
nav -j • $14.08 v -|+aoa. -

in. tin j M. & S. Inv. ifagL, Lli, London.

Pfecenh

M Box 77, 3 l PeUr Port, Guora. 048126741

(mer-MUi-runi — 0.03 . ?2T] ....| -

feSfiMw-raBl .-..‘j — .

Warburg Invest Mngt Jny. Lid.

7 Lfarary Piece, SL Heller, Jsy. Cl C534 37217
Merc Comm Aug. 3 — IE13A5 lO.OOd - 3.4?

Merc. FrTu. AlS4— .(□1.44 U7M...,, 2 g

m2W=BR Mr.: 7*

Merc Iran Aua. 6 — £1327 1161 +0JM 3.09

Merc Iran Aug. 6-

Wardley Investment Services LtiL,
4th Floor, Hutch ken Konse. Koag Kong

M=J

SWSSS.afSi

World Wide firawth Management^
10a, Bnrievard Royal, Luiemtauig
Worldwide 6th M SMT . |-0D9|
hw. Affirm M. & G. Irw. MngL, Lid, Undo

inS.Ctirrrr.Q-Furd
Dakar «r rt :. uf_ Fund...
Star. Exiing: GUt Fit 13.79

, London. Wren Commodity Management Ltd.

IQ, S'. Grave's SL,ln«i>ilaM 06J4J5W5

««*«i 8®SsSS=fiH HI:::: If

—• — Precious Meial Fond. 1«L9 147.f] .._. bJo

..... - . Vanguard Cmoy. Fd... JM ,41§ IS

— FuHqctalfiitaMFd. - 1014 U3Q] „... —

— Ufren IntL Fnd* R0576 0912) —

Prorate p« Capitol infematianal Ltd.

PS Dw Sii. St Peter Port, Guernsey 0481 26726/9 Prices are In oem* unlett Otiserwhe Mlcatid and

UKScecfciMriaM. .
lrtl.5ie'.Lr,i:r^‘-

ViDrldTetinxilogy

H. An S-ockrurirt..

Gartawt Fund Mnagtre (I0M) '*>

P4). 84x32 Douglas. Irie of Man TO. 0624 23911

gsssffife®, JLil :::::| Ds 8

I.An S'octoaar»«..!f(LB56
a» East ?O£20

UK Fixed Inu.rKt {tj-OOl

lull. Fisei) InL.. SO.937

pwse deslgnaled S wWlr no prefix refer u U.S.
dollars. Vleldi % (shown mint cotumn)ni Ion for all
buytag «w«t- * Wfared prt«s include all
«:pe«ev a Todays prices, c Yield basrri on oflrr
price, d Eaimntrt. c Tout's ocentoc artce.
1 “ n Dhirfautkxi (rrr of UK taxes, p Periodic

Assicorazlonf GENERALI S.pJL
PJ). Box 132; St Peter Pen, Guernsey, C.l.

§SmSSI«Slg:a::::J =

IS. Morr,'«srt?rt-.
UJt MnreriSsritei..
Slto. Manta F9

K mm Insurance plans, a Single premhm
met. x Offered prito Indudes alf expenses
wept agmrt eommlntan. y Offered price metaon

Stto. Manta F9 -.^'.'Mtas lfiS J - SnexroinBlfhmi^lfawpfintanagenX Preyhw
ooflar Mara) Fd. JMA69 f9M .—4 — day's .Price, f Guernsey tpnn. 0 Smpe odrcL

ti Only araHaWe (o charitable bodies.

F.T.<
F.T. I
F.T. t
Bard;
Bibby
•' Blue ■
Borth
. Brady
Broth-
Culler
Hoove
' Intgra
Nottir
Phoen
Rank
Reardc
Reed
Stan da
Tumei
Wagor

T SA\
day, d
tralian
side w
about :
.Told c
Vesiier
tralia
lbs oth

oolitic i
it up."

Sure
Labor
1o new
invest o
to pc we
mz of i
The .
by the i
Governi
big Jat
in the
Panconi
and Gel
They*-
week,
claimed
tial rep*
the No:
partmen
suggeste
Jabiluka
prospect
potentia
has been
tic to sa
’ It was
Austral*;
uranium
priced at
pound '
prices ar
this in 4
like rem;
jnears to
Jabilul'
tracts at
the part
arrange a
of Goverr
mining p
lot znesi
vas unat
>n the sl
M r Tni
’anconrin
irisinfly,
omraents
le maint
ahiluka’s

renting

i a posit
sctirity
ratesic 7
While
tbiluka
>Ie to a
nff-term
ight be
w dolla*
sure s<
in scrat
ers in
irket,
3i?nifica
itinenta;
ich of
Europ
mfries i
nevltabl
.W£sib

LET

FT SHARK INFORMATION SERVICE

Financial Times Tuesday August. ID 1982

FOOD, GROCERIES— Cent
HhTu.l Sbtk I MR |*-*1 ft IftrfRI*.

I I ■ Central to -
■ I Britain's heating ;

■ * Hflat^andf%jmbingMen3ants.
Farm and Garden Machinery. Engineering. Ptastics.

LOANS— Continued

IK I I Pita |+ srf Vdd

M* LmJ .Stack | £ | - I » I *

Financial

IfflS 95% FFIMpcV

101 *5 FFMUKFsPaKOtWi-

901; 80 Do. (AtpcOb. tl-M

94% 82% Dol lOhPC limbi *86

92 78 Do. llpc UiuLb- ^

93 78 Del U*pc UblUl ■«

98 82 Do.12ijpcllo.UlW

67% $4 Do. 7%peAD*. RM2

67 53 Do. 7VipcA0ffc. -91-94

76% 62 D9.2F , A"9W« s -

70% 51 & Do.0VcLn.’92^7

Ydi 1982

ML | ftacL H* Lm

•227 mo

32.61

BANKS & H.P.— Cent. CHEMICALS, PLASTICS— Cent

,i m um 6 wsu -•“-i - i-MHH®"

S I ISPIrJHIr, S IS E H B

ELECTRICALS— Continued.

BRITISH FUNDS

11.70 925
12.90 2*0
1270

13.60 85

13W »
13 jO 730

K V
"■S*

Building Societies

IK

HI* Lm

Mr + cr YfcU
£ -jbLjW.

“Shorts” (Lives up to Five Years)

99yJ+i| 9281 1135

_ 99S| 8-81 M33

9Mr 91" |Exch. 3|p £m&JZZ 1 96%rt -% 3.11 988

9ft £5 fB

102% 96$

99%

96% 87$

100% 91%

KM 96%

92 8Uf
101% 91%

107% 96%

101% 89%

87% 73%

loot, 86% [Treasury 12pe «.
94% 1 80% rnawy8%fic > 84«4t.

96% Treat 12%|K -StCm
106% 91% Exch. 14pc 19B6_.
KM% 98 Exch.l3%ncl9B7
88% 73% FumSmj6%|)c *85-87}$
81 64% Treasury Sc 1987

FOREIGN BONDS & RAILS

Mr Uv|tti.«| ted.
£ - J Sna I Ml

Oh. I ITM
IM CVIfirt RE

150 Q24c 2A 9J 3J « S rffiiLSISS: 17 U

» :« ft U !i li * % cSSES?. S - 1 " w 2

m +2 sao 33 81 33 57 M c»wta I«- Sett- « —

u “ gs 28 S 3 c &7 U

§ "I U - 7 - D 48 HahtoidtJJMp J5 . 265

Jn a - I _ I 265 200 Hbn. Welch 50p. 2® +2 JS

« ^ & 9 WSME: S ®

li - 1 ‘ 5 » », « 1 'KK J* fl

- - - * B B SSbs IS t S

ft). WrrK.75-83 1 1% .. — “ — — m Leigh lnts5p.>. 76 -1 5^3

■ : g: : & ASSRW # 'f

“ -» “ » 4 1 * B BMt» Sid i fi

ml -s" fi = .i = m is S - 1 y?.

M 46 l»
Ag 135 poz
flw 255 188
141 100

Meet 20 b J 37 L m J 23 U} 9J11LZ u
232 132 8.1 16 83

leFtauS 2« U 14J3 M 2.*MJ M6
I (H J IB J - - - — £191

j“„| SM M. M S cISIk |

55 188 jyWtaaleFsRb. 2JB -3 H13 3-ZJ MBI jjjj
*1 1100 jWIgfalKHJ— IS — - -I -I-

ENGINEERING
MACHINE TOOLS ™

515151 a a

7 rAbw«o07>2p

« "“'B 18

76 62 Acrow _~.

50 23 Do. ‘A’.

200 160 WirestGr

« 34 [Allen VM

62 ; <L38 I — 0-5 —

■ _ __ 23 [-2 1 038 I— 2.4 —
G w. 168 1-4 I 73 I 23 6.4 8.9

90 ... an 1 An
-2 I* «] lJMS
tM% .... M&) ~ 5J —
® *i dM 4J tt.‘ UJ
255 >nu 1 53 203
IV -2 24 34 93

J ij SSiK

If- gr Bilfi

T±»t fffc.
m -i" S tj IlS

12S -4 525 li 53t(
54 ...... S3 jU[ : u| 73

* U- *331 -J 7.

145 .8?

ycfyde-l I® I—. .[.6.0

HOTELS AND CATERERS

inn _K s?8 _ TO Ut V** SB*

iS 5 83 - 73- 1 ?D SeoLAg.lna.aJ 137

TK .it _ £-f! __ ISO K» Stewart PlMaJ M3 -1

90 -5 itMBc - 53 — ^ P%

62 10 - 113 - U ?

190d 10.45 — 7.9 - ^5

igar Bartei lOp. ] 11 [. — 0.9
Istenholnw-I 125 {..... 6.25

Stack | £ | - J ft

For Antofagasta see “ Recent Issun. 1

WfiCI ltd

97 +2 63 — 9.i

235 43 10.0 - 6.:

392)4 tZU8 5-4 7J

42 -2 237 L8 8.1

Mercury Secs „ | 230 7.7 — 5J

Midland £1 1318 24.0 33 1L

£66 Q7%% 243 0L

£87 4 -1% 010%% 243 eU

76 -% 43 24 BJ

142 -3 Q22c 33 8J

Iffl% 6 Do. Si -25 Boar

44 42 Grrck 7pc *55 43 . — 3% KB

42 49 Do.6pc2BSth.Ass. 41 ...... 3 7J9

38 35 Do4pc Mixed Ass. 2 J.Z7

35 29 Hung. -24 Ass — 29d 2% >9.48

04% 87 ■> FniwtewaclsatE. SMVd 15 1479

10

8

6

6

43 . —

41

38

737 9.64 104% 87> z BjintaWSwLjm. 104%ri 15 1479

378 735 67 58 leetad Wa* ■»« 67 Wj 147C

95% 80 MMUeUaniA. 9»>*l 1531

*99% 87% Iretwdpie VIA 953 -% Jh M72

i**ii nn 76% 62% Dp. 9%pc "91-9<i_ 76% — 9% M.46

Five to Fifteen Years -99% 87% ireuaa m-ai

aS iS pESS. 1 ^: iff - ::::

9&d -% I 7% 1472
76% -% 9< M.46

47 f 39 lYorks Chems | 40 | 03 ■

— I I » iiu Of

- 61 56 BanreCaos.20p.

8 DRAPERY AND STORES 3 g SSSSfip

7, 77 1 37 [itaisJ(««nTltaJ 37 I j *07 j 111143K93) ^ n Bwan(P^)5g

12 31% 20 lAilebone 10p._7] » ”1 ’"J - 35% Z1 BmmdQuaJwt

345 250 Ash & Uot_— 340 K0 IS 5.9? oJ

s* tfsaEte fi-s ss- mfJ s

13% 8 Asua IrrfL lOp ftp* ~h 033 0 SJl •

TO 57 Sl5I?CWir. 57 467 ♦ 12.J f

U9 % tESXiSEL m -4 13 td 9.«(fla

no w g "' = - w 3 fags

s s esaa l - \\

46 2* Beaufort fop- ® S* ar

- 3^ 341. 20 jAltetamelOp.-. 20 —

i — 19* 321, Gn*w Dsjralp M% +% BM.

- — 36 29 |AqiKtsajiuni5p. 35 2.05

l ?■? 3$iz 26 I DoWSij 28 -1 Z05

g u ssfs 2 ?.- “ = u i|j«

« 24 BeawrtrtSjp- 45 21 M W 6.9

15 11 BewnfOF.jSp ^ -% 10 * llfl *

551, a Bimijd Qoafcast Od ~h U l^lO-S 1 ! 3
178* 155 Bmnghm. Mint. 366 -? 3415 #| 9IL 6

835 j w U&ikdvS^ 7U -25 076c — j 5 J —

142 -3 QZZc 3J 8i 3.7 Q4L 525 fASOW— — £14% 42.0 * 4i J 25 17 BUckw'd Hodge. 22 -1 125 — 8J —

42W -4 t2S2 &4 8.6 23 M7 103 Gj^Tstn. lOp 106 -2 L65 6J 27 9J 9 6% BouftonVAnffi. H( — JU — 2J —

£49 +1, WOTi —87—64 15 BMmStotsIQg. 20 -1 17 L5 12J [6.5 29 23 BretanMIlllft) 27% BA * 32 «

96 15.4 53 8.£ 2.7 73 57 Beattie (J) ‘A*- 72 h2J8 29 4.7 18.4 143 100 BreMwaitr EL- 3^ -3 21 * 107 •

5£ -s-S-/*. “ ,57 “ « 34 BentalbW- 36 -1 _L5 2.0 6.C 1®3 84- 52 BraswaylOp-. 75 .--..477 * 82 *

225 1-5 [la 15.7 m - M J -

4 iBomtounKOSpJ 4t,l+% 1875

06% +% MM — 8-lJ — 20 13 Ballon TexLSpI 13 85

* -I -1 _ 47 M Bmnner — . I 90 -1 43

7.9 7.1 49' 38 BTnusetM.lQP 46 ...:J 37 J U[ 9.9[ 83

Um ft ft 8X2S&& £*- H = 1=1=1 =

INDUSTRIALS (Miscei-)

38 1 29 lAAAlHfc...

38 I l-fttLOTI -1 4« -

lit-z-Jl 7; I T.T T- 1 M

392 -4 D24.67 37 9.( 38 us Brit Heme Sirs... 161 4.75 28 42 123 a 12 British Northrop. 37 f— - — - S S KA.H\Z *5 57 f

SS3"vfSr? “ £•! “ 139 90 Brown (M)20p. 139 .... . 6.0 23 62 M2 jj 5 86 Brit. Sttam 2& 171 . 53 M J7 98 ^ £3 ^ agaaBK50__ £20%. — kjmw L3

465)0 -7 — 8.0 — JOO 130 Boren Grp. 50p .. 197 +1 65 28 4.7 (9.4) 42 22 Brotkhouse — 22 -1 . L0 — 65 — 315 ?47 AGBRaeotSilik] 315 1.7

02% 00.92 — 87 - 47 30 CaM{AJ 42 -1 hL25 — 42 — 46 42 Brout-S Cast Kb- 46 .-... 1 j|* 17® 140 AIM 10b 366- -1 M5JS J-J

£36. ■ — — — 40 30 Cantors^A 2ft) 30 9.01 — — - 23 13 Bruns Eng. lft: 17*a -% 1.04 — 8-5 — 49 24 tarcwoBire. Mo- 32 -1 1-2 08

163 355 — 32) — 30 jg Casket (S.)K%) 19 L75 13132(|.|| jii 2 10 BrmAeTool--. 15 W.75 — 1 — 43 28 Llbtoey Ud. 31 +1 0125% 2.7

[355 1 — J 32| — 30 19 Casket (S.) 1ft) 19

Try 366- -1 MS.7!

son thm K®. 32 -| 22

v Ud. 31 *1 tELH

^ -%

70% -%
92% -%
.98% -%

10*8 .77 67 doT6pc *83-88 - 74 b! 6 11.M

?*S 161 161 Pen. Ass. 2007 1*1 5 22 1752

13 03 93% 77 PfLia*lrtzpcD6. 77al 20.19 fflM jg

TOC7 $79 $75 Ttrin 9pc 1991 _ *75 . — 9 02.00 "

uJg DM9 o|dM 87 Turin 6%pc 1984. DM87 . — 6% 1140

1374

Exchequer lfPjpc 1997

Over Fifteen Years

a & Hici ara ibm ss

66 54% /Trew»6%K 9548tt.I 65%)-% ) 10871 1199

121% 99%

96% 78%

80% 66
100% 81%

87% 71%

102% 82%

109% 89

97 78%

39 33%

101% 81%

72% 59%

95% 75%

84%ta -%' 1179 1280
94W -% 12.91 1379
UMa -% 1336 1329
97% -h 1298 1373 .
64%ri -% 978 1185 1

MKt -% 1358 1324 :
106 -% 13.47 1321
105% -% 1358 1353
gy-rt ->2 73 07 1324
80% -% 13-53 1254
93%-% 12J6 1322
49% -% 620 10.40
84 -% 1228 12.91
100% -% 13.07 13.11
104% -% 13.48 1356
76%M -% 1185 1254
116% -% 1382 1351
304 -% 1374 13.10

47% -% 650

101% -% 13.11 13.09
84%xl -% 3253 1276

33 09 Hi* law |

65%/-% 1087/ 33.9?

120% -% 1353 1326
95% -% 1293 13B6
79% -% 1203 1255

99% -%
87 -%
101 -%

MS -%

Si:i

.-mu

1%cQSW.| 93%-%

110% 90 pms.-lS^K’OAeS.

52% | 44% |Trc»swy S 1 ** TO-
67% 55% jTreMnj7%pc-12-:

IMPtl 82% /Each. 12pc '23-'2

Undated

33 1 27% I Courts 4pe

:m 26% War Loan 3%*c#~..

34% 31% IConv. 3%pc .-glAft. ..

30 a JTreaaay 3pc 66 Aft _

30 a Treasi*y3pc fafa Aft -
& 17% Consols 2%pe_—

a% 17% Treaswy^^c

13.05
1273
1290
13ZL

2295
13.01
1271
10.96
12.77
3ZW
1271

IW%|-% 12.911 1286
1181 1 11.43
66%-% 1169 1183
99%/-% 1275/ 1254

32%-% 1239 -
29% -% 1198 -
34% -% 1057 -
24% -% 1299 -
20% -% 1227 —
21 -% 12.44 —

Index-Linked & Variable Rate

100% 99% preas. Variable 'K3 _ 100 ...... 1122 3119

98% 95 Do.2pcl.U-88 98% 2M 284

106 93 Do.2pcl.U-96 Ml ..... 230 3.B1

101% 86% Dq.2pcl.U2006..- 94% 235 283

104 90 Da-2%pcl.L2011_ 96>a>> 261 281

AMERICANS

sta. | T MftUB

I7b)|-Vl_» 1-1 U

Hire Purchase, etc.

27 I I 1.0

£14 IBS'S

192 172 (chveh ZZ. 176 -2 8.5 IM 6.«M) 146 52 BretlwirtP.Sft). B 38 - S3- S S SSSwiJJ 9ft | 33 \ 03t 9.905.4

39 27 tomb. Eng. 121* JO +1 375 iJlS-oT-, 156 129 Brown fTawse 3£ 1-3 I 79 ! 4n 170 aSS&gSsSI «5 -3 35 3Lfl 2p

128 102 Comet Group 5p_ 116 -1 44.0 2.71 4.9H88) 66 39 Brown (John) - 39 -3 425

292 140 tomtlDreuSp.. 37B -2 - - 1 - J - 223 144 Brttough20p-. 2M* ~2 71075

BO 64 [Courts ‘A 77 -1 3.7 | 7.0J ♦ 65 47 Burgess Prod— 57 -3 35

327 -3 7.5

9 -% 102;
41 -1 231

n . 173 uuum rww iup

8JJ23J a , Z)% ElUs & GoM 15p_ 25 -% 275

110 68 Empire Stores- 84 255

15 7 Executes 20p ... 10 —

52 37 Fra An Dm. 5p 41 3.0

55 34 30 CastimlOb--. 31 J 2 .42

i teres- 84 155 U 43 353 56 40% OwnberTmAHiB. 46 IX M 5J4 "S tes SorarerelOpi Z3% 125 18J 8JHK8

(20p— 10 — — — — 407 232 Chew ring 5p — 4B t*-8 38 17 33 Uj,, 7g &6*SSj2(^ 88 50 2i 81 74

Jew.5o 41 3.0 17 115195) 34 n ctrlsty Bros. 24 — _ — 21 i SS iS « 120 - II —

jn)10p 22 -1 tO 55 01 47 WV 78 54 CiajtonSondft)- 65 6-0 — 137 — ■ R , _ iri«F(Le»)ICP 4%4 B— — — _

erlOp 120 -2 4.62 4 58 * 290 qq m»em{A)20p_ 210 -5 788 38 5.4 56 ,7 c? M . +3.0 _ 44 _

rosJj. 63 -1 175 15 7.6111 49 39 ConartWClflP- C +1 7331 231 10 74) ^ g BMCroup » 1— 174 li 8i OUi

s 110 -2 4.15 28 5.4 92 7,9 12 Cook W. SteUZOp 12 403 — 6.0 — ,j5 p f T Qeld 163 -5 7.5T 25 68 7Q

JJ20p. 50 -1 t38 19 111 6.7 a 15 Cooper(Fr) Wp. » <CLJ 02 33.4 - ^ M -6 T571 49 48 4?

I A- — 56 -1 575 1.0 133 11.4 ]3% 7% Cooper Inds. lft). 9 ...... 08 — 8.9 — 0371, Fill Do 9 kCUI*> 01-06 £123 C9% 223 ItA —

Br,5p.. 12>a 10 — 114 — *3zf, 24 Crontte Group- 25 -2 115 — 88 — rtp 314 -6 8J5 27 4i 13J

a= § ::=i | m i Iff «g

ar,Ts: 5 iS ^ S 5S H H iS . SSSL?» » -J «

230 170 AeroiGeoort » -» » « «

h s « s » aw*

3lX 560 370 MU&gU 370 2-0 UUH)

“ Z « 33 Amber ln (fc-10p- » ■ *“ if II «*-

TM143 57 *202 144 AspkJ. Computer . M3 -7 «0-7 85 05 314

HlBlDfl 35' 18 AreasonWlOp. U 11F" At? T, i m

tfifi* » « jssaw-a ±.|B Sms

3J 290 2M 2*0 ...... »90 4 *8 ,*

» 21 te.SpropnMP -fa 175 14 8J C«

**[ i; 7 2.1 100 78 fettr6*tafc72ft>. « 50 28 « 7*

- LTs _ 95 78 AnwooA—- « -

30 +% S5.40 - 93

10W -% 5152 - 83

16% -% $205 - 68 171

28% +% $332 - 6.4 98

8Bto +? $L00 - 63 194

171, -% SUM - 3.1 a

11% +% SUM - 4.7 585

18 +% $210 - 63 460

21 $2.70 — 7.1 168

21W ....... S3.4® - 88 197

1?% +% $172 - 48 33

413p -M - - - 126

14% -% $172 - 6.7 376

lrou -% SU70 — 9.0

16% $200 — 65

997p +17 $120 - 6.7

12% -% 51.30 - 8J

20% -% $2J2 - 58

-50 $2.00 - 123

«*« +24 $230 — 129

SL60 ” TO

S172 - 7.0

-% 5184 - 4.4
+% $3.00 — 108
+7 68c - 5.0

-13 SL20 - 7.8
7B3pri +8 80c - 58

1ZW +%‘ S240 — 104
»% -% 5320 - 53
+% $230 — 5.8

5280 - 10.8

-% $380 - 52
-% 80c — 33 __

3 8S = BB
JBldBi =tB t

63 - 132 - pV

-5 788 38 5.4 58

+1 t331 li ILfl [73)

v fcd* =j

f ^ f 1 1 = I 1 ^EIJ-hs ijj na urn li li K 5 S 5 I 1 1 : 111 s

94 52

286 635

1-3“ 1 525 [430 GusA Z 510 13-0 q3J 3.dl23 I 43 |32 Dante GowertnnJ 32

9-3% I 38 119 Greenfields lOp 32 -1 103 - 22 - 63 44 |D*s.& Met/AIOp. I 50

S lit 53^1 I 94 76 UneslEnMjlftJ 7* R" 0.9 1?) 7310.7 26 17 E«red._

460 6.49

M « * Ksrac: S UJT. FItJt, 18 Is Bg : IM =- «

23 - - -

W -1 2J7 * 3.4 * 48 33 Udies Pride 20p' 33M '.'Z. 34 1

Ai H llzi 1« *5 LeeCooper 85 -2 3 02 6.:

182 b33 28 28 215 13a 174 ifaertr ^ 138 +1 24 1

*2% -% 4J8 1510.0 *9 if io Kvig '.Ort. 60 ...... 24 1

■— TV 7-r T- 40 27 Uncroft IClOp. 28*, -% 10 2'

150 138 BMdteHkkis_.. 1« . .... AO
43 a BtfureatedEng. 36 -1 03|
104 TO BiBaroUJ 10p. 70 5.7

I i" 4 I lUiJ B B B-hr 2 20 sim 5 § gsasS S b u£im | J |

SS “ 2 170 125 Marfa A Spencer is? ...... .48. 28 4.1 U.4 47 27 GjSS*10p. 37 16 24 6 2 9.6 3“ ^

2© gS 3.ffl 25 OiO 174 12s Martin News 172«c -2 th525

143 t&S | 38| 3.6I0A3) 253 2 15 Me«ries(J.)__ 238 -3 45

rusir jS, 12 B^dML-A-lOp. 12

U 24 **8 ®VI 3W 185 bShmSs® » -3 !

M ,2 7A 240 193 Boots Z31 J

BUILDING INDUSTRY,
TIMBER AND ROADS

122 80 Milletis Lets. 20p 122 +2 d6.95 ®.6 All OL
127 98% NSSNewslOp. 116 -2 026 4.« 3J 9.

*7 27 Greeifaanfc lOp. 37 ..... 18 UM 62 9.6 « <» ^

» [ ji B B UStl :i hB JHUJI i- ^

Bloffli

| 15>, 11% Habit PrtdEkn 5p| 14
225 173 Haden -1 195

” 1 _ 'So B^btefElTl.. 195

3J 55 7 3 » 13? £ - 2

58 I 46 N*titn. Goldsmith, 54 331 lift fjjDU} M7 136 Hall Eng. 500-". 136 -21781 AW 881 33 l rad,ln, ru>^L-1 +2 --

88 I 97 0Hwr(G.)-A". 135 -3 521 2« « ^3 IO Hall Matthew- 192 1-1 [532 33) 33lOJ 146 ^ BunwgrtHl^l ■ —

230 157 Owen Owen. 157 -8 3.0 O.M 2.71 — hraj 184 [Halite 5ft) 204 110

43 31 - MndteWlOk 31 -1 T35 x3uik6J) a% Otai “i! 035

184 [Aberdeen Const. .
310 Aberthaw Cent.
6% ANierf Pfaatlft).
12 Allied ReslOp..

”lSj +t S190 — 8.9 470 3U BPB 422 -3 " 105

Mzi ® r II U S asaS: # z:B

16%^ $2.92 — 100 306 210 8arrattDev.lCta. 291 -5 U2J

-%" £28-52 3 » Beedtwoodl* 25 13

wSd -% S5« - 65 1® 73 81 ...... 78

jF a to tre KayoecKiun... an ^n> — tj — inu 51, Do.0efd.5p.. b — — 1 — —

Zl% 15 Rea*om5p_._. 15% OJ 7.C 0.9163 ^ I.M.I 48 -% 45 18|l3.4(58)

«, 92 58 Reed Austin ‘A’ 88 336 13 53135 fci 48 JadtsnJAHBSp. 48 -1 L6 S3 48 6.0

24 10 S*UStawl2%,. 29 ...... 33 ^ 49 Jea^Eno,™ 60 g3-75 L9f 8.9 73

SIS SS*. S ±3S ana

A giff = D B | 1 -ffi jJj | HH

yi ca _ 45 182 135 Sreedon Lime _ 1*2 783 L2 6.0119.4

MK2 27 15 Dd.2SWI.L2i5, 22 +1 - -

fl'W 122 89 Samuel (H) 'A'. 92 -1 625 U

9 4 51 J2a , J Sei'^rtSp-- ,9% -% 0.44 — j njt - 140 nig Laird Group.™ 11? +1 AO 3.‘

!'? 200 148 Switt W.H.'A'50e. 388 525 2i 4.0143 «j 29 Lake&EHIot_ 29 -1 214 21

5 7 52 £ £ S^derA-G-a? « WSStSI “ 12% 12% 12% 1W4 U

Aflioa 60 51 Stead. & Sun -A'. 57 ...... 385 11 98133 22 11 Lev's Fourties 11 03 —

| 31% 25 SteirterolOp.. 29W -% 002 * - « 28 18 tfirSadT-T. 19 “i! LO -

L9 - « M Simtneata_.._ « 13 - 5.C - «i 2 27 U«9d(F.HJ_ 27 -1 LO 3J

93 an “ 32 Tm^oreutete. 52 15 4.1 6.J 33 W j2 LoctermSp- 19 117 21

TjcU) § 30

6^ “ 1 140 105

Johnson &Rftfi 10-1 — — —

Jones SMpmaa. 30 18 21 If

Laird Group.™ 112 +i 4.0 39 5J

INT. BANK AND O’SEAS
GOVT. STERLING ISSUES

102% 92% Finland WmcLn 1986 201% -% JJ29 33.94

101% 90% inL.Bank 135*1986.. lBld -% J337 1310
103% 97 Do. MpcLn 1987 _. 302%-% D83 13.17

101% 873, Mexl6%pc2D08 — 87%*f -1 1880 19.79

100% 90% Sweden 35a* 1986 99>*l -% 1337 1291

CORPORATION LOANS

1 S»]e 4

T& -? - h is ji as &

53, 39% BreogreenlOp. OWart M 33 2< W

li S k S#S5!5 f -4 5

« « A -I W pBp

_ 65 58 BB&EA 58 10 * 25f *

* _ For Brtt. Cme. T. see DoHomfa

^ 167 lS 1» +1 M a 6.3 m

W “ ^ SAS?L.Sg “ f 1 Ili

71 31 a BrooteWat2Cp g -1 QliW 15 91 M

;mi J| ISSSjlM gi Uttlii

ii 1 1 KSJS&r * 1 - i -

» f 1 IS-SSffiSSa g :::::: -H Si li iu

97 art 04 mil 60 38 TeroConsubte. 52 25

™ -2 tsav » » sse^ 11 * g --vj

18% 12 Do.-A-5p lffa U7-

i| ? ? 9S ‘s
a!; g

I SKEW. t = » HflV-

9 S ‘S Ibskr. “I 4 st alf M

70 55 fcanmn9tW.l_ 55 3.98 l3ib3|WI

31 24 Icaparo /mis 24 -2 2.0 ) 10 tjkas

190 77 (Cape Industries S3 +1 58 [ la 9.MQ)n

0SUft[34

*« II h

-18 1053c I —

96% 85 [Bath
99% 89%

102 87

95% 81%

101% 94%

102 94% | Do.

100 94% IGIaso

loiS

line 1986 — I 95%

I2iic-83 I 101%

Do. 13W: 19B4 —

Glasgow 9%pc-BD82

80% 67% Herts 6%pc 1965^7.

103% 85 Leeds 13%pc2006
96% 87% Lterpool 9%pe U04

26% 21% D.ijj*iri*d 25jta

101% 951, Lon. Corp. 13%pc *83 1 M3%

92% 82% Do.9%pc'84-85._.l . 92

90 78% LCC5%pc *82-84

79% 64% DcJijpc '95-97

71% 56 Do 6%pc -88-90

22% 19% Do.3pc *20AfL

100% 90% Sanderl»d]2i«cl9B4

96% -% [1187 1261
9912-% 1253 1286
lwl-% [1278 2248
1136 1250,
1234 1114
1382 1192 i

938 1127
7.98 1220

1382 1382
1030 1197
14.46 —
1389 1207
0.05 1237
638 1220
6.93 3115

939 1278
13.21

% |1235 1238

997o |+B $280 - U1 !50 .90 Crouch (D.) 2ft: 90 -Z 585 19 8.t 9.4

10% Erol — I 97 UD 74 Croud) Group— 92 -2 4.4 li 68 037] FI FFTRIPAI S

79TO +B 72c _ 58 I® 112 Dm(Gi»ge)2Sp 112 -3 o5.7 ^ 73 58 , tLt «* ^ ,

t # p , “l a 37 a Douglas RoM.1T. 71 -1 p3 27 li 13 258 113 [A.B. Electronic. 250 -5 t*0,|J

CANADIANS

COMMONWEALTH AND
AFRICAN LOANS

94% 85% AuSL6pc298l-B3
68? 57 N.2 7)41* 1988-92

88% 74% Do. 7%« *83-66

161 136 S. Rhcd. 2W No*

69 56 Bo. 3*3*80-85 Asstd

42 32 Do. 41^* 87-92 Asstd

94% +% 6.44 1171
68rt -% 10.79 1329

88rt 8.63 1183

158 - -

_ U.2 158 116 Firtan (John) lftJ 124 6.25

_ u 25% !8 French Pkr.lftJ. 18 -1 0.7

— 12 *3% 10 i-ranasra-.m). a -1 u.r

_ 123 119% 92 French Wer — 332 -1 425

_ fflj 66 53 GidlHordSp 60 -1 1W23

_ 79 22 17 GdfoDtyAlOp 17 1.4 .

_ ut 136 92 |OeesH(IIJJlft)-( 123 -1 J285|

68 .....i

_ - P3 27 7£ 73 258 U3 A.1 Electronic. 250 -5 tW 2.7 23 (US 96 77 H.E.1.™™^ .89 -2 433 2JR MhBS) ™ ^ "1" 3 £J 3J H **

5% 4 *DuntonGrp.5p 4», - - - 12.7 J45 78 rAAtSfeEks5p. 135 -3 6175 23 1.J f* 3 IhWW '.LljB. 3 *- - — - * SjtSM.-wr S } 10 “ 14 ”

81 70 Erith 79 48 17 72 113 335 180 i Air Call 325 5.6 38 25 148 U ritaWMilf rtpta- U 088 32 llj 3.4 21 TO CertwdlrfilOL 1-1 - — — —

180 129 Falidoutfi Cons. . 171.-3 55 33 48 93 245 180 Amstrad 237 ..... fd3.W 53 2.4117 722 176 Pf^-ftattVrtey U2 10.75 25 1* 6.9 ‘Pi ftSs. "L” fftTcn ” 141

_ (in 6 “7 80 Feb.aaf.20f- MB ....- 225 32 32 145 28 18 Aden Elect 25 piLO - t - 35% 26% 30 -.-620 17 *5 75 ^ af'JwrejKfr "*■ 7, V. 7,

_ 7 7 94 76 Do.-A-10p.__ 80 +1 2-25 33 4.0114 9 1 AudMroniclOp 2 - « 34 Mrter Ctad. 20p. « -1 05 - -1.2 - 37 24 Cent3MWyUfa. 35 ■ .... 215 18*8 8.9

-J/-7,™ VZ5 2873112 5% 3 Ds-BeP^M. 4% B~ - - - 77 53 Pratt (F)__.™ g -2 *4.4 - $ - « 35 CopeAnman5p g -1 «. 0 037.7(1$

0.7 U 5 *245 155 Wted See. 10p 22far -1 6175 58 U 16.7 30 27 Mestwto Parker SM . - - — _ ^2 32 Coprdex Ifti ... M .. . 2.4 * 9.t *

1.25 3J 5.4 72 360 269 BiCC50p 290 -5 1037 23 53 OW) 39 21 Prast(Ben) — 24%d -1 10 * 5i * |9 29 Cosaft.._ — 29 -1 3a It 17 2 ftB

M25 32 6.0 6.9 87 55 BSRIOp 56 -2 10 33 -.25 03* 74 52 R.H.P 5M -1 48 1< U_C [85] 56 42 Courtwy Pcpe 2fti 53 -1 3.05 38 82 37

14 23 138 48 295 178 Bowftaipe lft>. 250 -3 142 3.9 21 18.1 212 144 R-nsqmes Slue £1 1» -3 1114 11 8.7 m 37 20 Cownde&Llfti 20 -1 «5 01251 -

12.85 25 33 (Bli 26 20 Bulgln-A-5p.... 23 135 SA 14 161) 79 62 fetcflfls (G.BJ. 62 -1 28 5.6 4.6(43) 83 C«n(JJ™_. 83 ■•••_ « IS 11? M

_ lit 136 92 GleesH(IIJJlft)- 123 -1 J285 25 33 (BK 26 20 Bulgln-A-5p.... 23 135 6

-2BI $132 _ 75 *2 60 Gtasop 68 5.08 1510.7 83 298 208 MdndVMesSft 262 -8 6.6 q3

-M 44c — 33 92% 71 H.A.T. Grp. IQp 85%-% 175 * A7 * 165 91 Cambridge Elet . 147 -1 4.0 2

+5 gtc — 99 20 15 Helical Bar 16 - - - — 303 Z14 C83.E-(2ft)). 252 -5 u3.15 6

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LOANS

Public Board and Ind-

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125 105 Latham (J.)£l. 110 B.O 0.-

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High Lew

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172 130 Lawrence WJ. 173 | 825

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(233) I 30 1 19 [Highland El. 2ft J 2B -1 ) 03 I — I 28[ — 6», 4S% [WelrGroift — 51

INTERNATIONAL
FUND MANAGEMENT

1 0CTOBER 1982

The Financial Times is planning to publish a survey on International Fund
Management in its issue of September 3 1982. The provisional editorial
synopsis is set out below.

Introduction: There have been great strides in the field of international
fund management, spurred recently by a broadening of the investment
horizons of American pension funds. But it is nor always clear whether
investors are seeking greater opportunities for growth, or are simply
attempting to reduce risks by means of wider diversification.

Editorial coverage will also include :

Equities The Pacific Basin

Bonds Regulation

Property Performance Measurement

Currencies Securities House

Venture Capital - Fund Managers

Order Date: September 3 1982 Copy Dale: September 17 1982

For further information and advertisement rates please contact:

Gay Mainwaring-Burton

Financial Tunes, Bracken House, 10 Cannon Street, London EC4P 4BY
Telephone: 01-243 8000 ex 3606 Telex: 885033 FINTIM G

The jitJ pul . lh.jin hi tfaiv' -<t >uivun ra ibe I irubul 1 inn-' an: nilnat in ■.hatcc ji I hr Jiv.ro hm lit iht FJirot

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NOTES

Unless otherwise Mkxted, prices and net dMderris are In pence amt
dbnMlMtais are 2Sp. Estimated pri celeamerp ratios and cover* ere
based on latest annual reports and aocoum and, where possible, are
updated on half-yfariy figures. P/E* are catcuiaied on -net"
drstributton bads, eamings oer share being oomculed on prallt alter
taxation and icnfleved ACT where applicable; bracketed figures
Indicate 10 per cent or more difference If caladaud on *W
dhtribudon. Cavers are hated on “maxbmuo" distrt button; this
conpares gross dlridead costs to prath after taxation, excluding
~ , exceptional pnjfltsjlosses but Indtnflog eewt o/offsrtUWe

£■? ACTl Yields are twsed on rakUle prices, are grass, adjusted to *CT of
" 30 per cent ad allow for nine o I declared disirCsdlan and rights,
o-o • “Tep" Stodc.

?•? * Highs and Lows marked thus have been adjusted to allow for right*
“■f tears for cash.

t Interim since fmensed or resumed.

4 Interim since reduced, passed or deterred.
it TtsJree co nxt-ruidcnts on applicnbn.

9 Figures or report awaited.

* USM; not listed on Stock Exchange «rsf company not subjected to
same degree of regulation as listed securities.

a Dealt In under Ride Z63P).

P Price at time of smpereioo.

8 indicated dividend after pending scrip and/or rights teat: cover
relates to previous dluMml or forecast.

9 Merger bU or reorganisation In progress.

4 Not comparaWr.

f Same Iraerim: reduced fhanl and/or reduced eanrings Indicated.

9 Forecast dhrldtnd; cover on eamfogs updated by latest Interim
statement

t Cover allows for conversion of shares not now ranking lor dividends
or tanking only hr restricted dividend.

A Cover does not allow for share* which may akomdc tor dividend at
a huve dntr. No P/E ratio usually pcvlded.

No par vakie.

* Rate applicable to noo-Zlmbabwean residents.

» Yield based on assumption Treasury Bill Ibte stays uncfcnged until
maturity of stock, a Tkx free, h Figures based oo prospectus or other
official esUmate. c Cents, d DfvMcod rate paid or payaUe on port of
capital, cover bated ca dvUeod on full capital, e Redemption yjHd.

4 Flat yield, g Assunad AMend and yield, b Assumed di vidend and
yield after scrip Issue. J Payment from capita l sources. Jt Kenya,
n Interim higher than previous total, n Rights Issue pending,
g Earnings based onprelirrfnary figures, s Dividend and yield etctnfe a
special payment, t Indicated dividend: cover relates la previous
dividend, PI E ratio based on bust annual earnings, a Forecast
dvldrod: cover tsased no prevtas year’s earnings, v Subject to local
Lsx- a Dividend cover la excess of IDO times. ] Dividend aad yield
based on merger terms, z Dividend end yield include a special payment:
Cover don not aopty to special payment A Net dwkSeod and yield.

B Preference dividend pissed cr deferred. C Canadian. E Mbdimun
tender price. F DhrMcnd ond yield based on pr ospect u s or other
official estimates for 1983-84. 6 Assumed dividend and yield after
pending scrip and/or rights ten*. H Dividend and yield tuned oo
pospectiB or other official estimates for 1982. K Fl&ns based on
prospecui or ether official estimates tor 1981-82. M Dhidend aad
vkh based on pros pe ct u s or other official estimates for 1983.

N Dividend and yield based on prospectus or other official estimates
for 1082-83. P Figures hosed on prospectus wester oi ftesal astbnetr*
for 1982. B Gross. T Figures assumed. Z DMdend total to date.
Abbreviates: h ex dividend-, m » scrip issue; tr ex right*: n ex
all; ■& ex capital distribution.

m

« 8.7
2.9 9.4
2J 9J
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23

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101 875c j 4 83
3 j 1022c D.9 33
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32)
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Exchange Utrouglmt the United Kingdom for a fit of £600
pw attnom tor eteft Mcarity

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prospect
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priced a l
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prices ar
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tracts at
the part
arrange £
af Covert
mining p
lot meat
vas unat
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trisinjly,
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rategic i
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VZ pressings and were twins.

gtel Wortaf W ether Hoage. Derfay.DEBZU.
•LI0773B5J 2311 Teles 377058

£h\C

Tuesday August 10 1982

On stream On time

with

Capper Neill

On site

Proctss Plant MtgnwKt
. COMbticifaP W0rtdwtd » ;

Israeli air attacks step up

THE LEX COLUMN

. BY DAVID LENNON IN T& AVIV AND OUR FOREIGN STAFF IN LONDON

ISRAEL LAUNCHED further
fierce air and artillery strikes
against Palestinian positions in
West Beirut and central
Lebanon yesterday.

Meanwhile, diplomatic efforts
continued to be hampered by
the problem of where the
Palestinian fighters would go if
they were to leave the

Lebanese capital.

Israel intensified pressure on
the Palestinians while Jerusalem
awaited refinements to the plan
for the withdrawal of about
6.000 Palestine Liberation
Organisation fighters still in the
West Beirut enclave.

Mr Shafig al-Wazzan, the
Lebanese Prime Minister, was
quoted as saying the talks on
the pfan had been completed
and that Mr Philip Habib, the
U.S. special-envoy, was prepar-
ing a final draft in Beirut for
the approval of all parties.

Lebanese, French and U.S.

military experts have begun
meetings to work out the details
of the expected deployment of
a multinational peacekeeping
force, led by the French.

Israeli aircraft struck Pales-
tinian positions at Tarchiche,
16 miles east of Beirut It was
■ the first air raid in tbree weeks
aeainst PLO positions behind
the Syrian front lines ■ in
Lebanon. Further clashes are
now feared imminent between
Israeli and Syrian forces In
Lebanon.

In Beirut the Palestinian
news agency Wafa said waves
of aircraft bombed areas from
the coast to the western, side of
tiie “ green line." which divides
the city, and including Shatila,
where a Palestinian refugee
camp is located. The PLO has
long had its main bases ki the
southern suburbs of Beirut

Some reports from Beirut
said the Israelis were moving

from southern Beirut with
infantry and armour towards
the west Beirut enclave,
although there was no indepen-
dent corroburation of this.

Officials in Jerusalem said
Israel had not yet received
detailed proposals for the FLO
evacuation, which is - being
worked out with intermediaries
co-ordinating with the PLO.

The major sticking point Stitl
appears to be ~ whether the
Israelis will accept that some
PLO fighters can remain in West
Beirut after the arrival of the
peacekeeping force

Mr Menahem Begin, the
Israeli Prime Minister, appeared
to indicate that some 2,500
Palestinian fighters could re-
main in the enclave after the
arrival of the force. But yester-
day. it was unclear in Jerusalem
whether Mir Begin was prepared
to give a firm commitment to
this effect

General Ariel Sharon, the
Israeli Defence Minister, is
known to believe the PLO
would hide behind a multi-
national force and should there-
fore be evacuated before such
troops arrived.

Israel is waiting for Mr Habib
to say which Arab countries
would be willing to give refuge
to Palestinian fighters.

Anatole Kaletsky in Washing-
ton writes: The U.S. has issued
its most optimistic statement
to date about the prospects for
success of Mr Habib's peace
mission. “We believe that if
the ceasefire holds, we can
have a negotiated solution,,*'
Mr Alan Romberg, of the State
Department told the Press

Mr Romberg warned that
this*' made it “ especially
crucial” that a. ceasefire be
“ scrupulously observed ” by
all parties. However, U.S.
officials said they were now

more hopeful than ever that
the PLO intended to leave
Beirut, that the Israelis would
allow them to do so and that
Arab states would find refuges
for the PLO fighters,
a M Claude Cbeysson. the
French External Affairs Minis-
ter. said yesterday a possible
solution to the Beirut conflict
was very close.

H Cbeysson said he had to
keep very quiet over reports
that French, U.S. and Italian
military officers had arrived in
Lebanon to plan a multinational
peacekeeping operation.

“We are too close now to a
possible solution,” be added.

A timetable for the with-
drawal of Palestinian guerrillas
from West Beirut bad been dis-
cussed with the Lebanese, the
Palestinians, the Israelis and
possible members of a peace-
keeping force.

Cairo and the PLO, Page 3

OH

•„ v 4

• • . . *

,w

AMERICAN INDUSTRY’S REJECTION OF TRADE PACT NOT SEEN AS FATAL }]<J(]sOI]

U.S. reassures EEC over steel Petroleum

issue flops

BY GILES MERRITT IN &RUS5EL5

THE U.S. Government has
reassured the EEC’s Commis-
sion that it does not consider
the recent steel pact by the
Community and the U.S. to be
dead, 'according to Viscount
Etienne Davignon. the EEC
Industry Commissioner.

This' is in spite of the rejec-
tion of the pact by U.S. Steel,
the largest American producer,
and objections by other big
steel-making companies in the
U.S.

Viscount Davignon made It
plain in Brussels yesterday that
EEC and 'U.S. authorities plan
to use their political leverage
to ensure that by September 15,
their steel producers will have
accepted the new arrangement,
which would reduce the EEC’s
exports to the U.S. by about 10
per cent from 1981 levels.

The deadline expresses a pro-
vision of the steel pact, which
requires acceptance a fortnight

before it would take effect on
October 1 and limit the EEC’s
share of the U.S. steel market
to 5.754 per cent until the end
of 1985. But it is also- only the
■latest in a series of deadlines
which has marked the course of
the worsening EEC-U.S. steel
dispute since early this year. .

The main date fbr the EEC is
still August 24. when pre-
liminary countervailing duties
of up to 40 per cent — imposed
by the U.S. Commerce Deport-
ment on British, French. Italian
and Belgian steelmakers — are
to become final.

The EEC's tactic, as outlined
by Viscount Davignon and Herr
Wilhelm Haferkamp. the EEC
External Affairs Commissi oner,
is to press ahead with pursuit
of EEC governments' and steel-
makers’ acceptance of tlhe
export limitation package to
govern all 11 principal cate-
gories of steel products.

Senior executives of some big
EEC steel producers, grouped in
the Eurofer club,' are to meet in
Brussels today to discuss the
adjustments of exports needed
to share the burden of fulfilling
the export-limitation pact

The basis of the proposed pact
is that the EEC’s 6.3 per cent
share last year of the U.S. steel
market should be reduced to
5.754 per cent by tbe establish-
ment of export ceilings for the
various categories; • and that
they should be governed by
special EEC export licences.

The shares agreed for each
category are: hot-rolled sheet
and strip, 7.45 per cent; cold-
rolled sheet 5.15 per cent; plate,
5.98 per cent; structures, 10.90
per cent; wire rods, 4.29 per
cent; hot-rolled bars, 3.01 per
cent; coated sheet 3.32 per cent;
tin plate, 22 per cent; rails, 8.9
per cent; 'stainless steel sheet
and strip, and stainless steel
plate, 4.08 per cent

Reginald Dale, U.S. Editor,
adds p from Washington: The
Commerce Department said that
it was still in touch with all
parties concerned in the steel
dispute, including the EEC and
the UB. steel industry, but no
more formal negotiations were
scheduled.

Officials said that Mr Malcolm
Baldridge, the UB. Commerce
Secretary, was always open _ to
new suggestions. The rejection
of the deal by UB. Steel, and
other companies and associa-
tions at the end of last week,
did not necessarily mean the
end of tbe road, they said.

The UB. Government’s view
is that a “fair” agreement
exists between it and the EEC.
It accepts, however, that imple-
mentation of the agreement
would be Impossible if the U.S.
steel industry were to continue
to reject it. and that the in-
dustry is unlikely to change its
mind.

Oil company Shares fall as China bank
T**™ 1 kuys £96m Hong Kong site

iUl C]>3UI1 BY ROBERT COTTRELL IN HONG KONG

By Paul Betts in New York

CITIES SERVICE, the U.S. oH
company, is suing Gulf Oil for
$3bn t£1.8txn> In damages. It
accused Gulf, the country’s
sixth largest ml company, of
“intentional and malicious
breaches m’ contract."

The law/suit, involving one of
the largest damages claims on
record, followed Gulfs sudden
decision last Friday to call off
its proposal S5bn acquisition uf
Cities Service-

Cities. Service said it intended
to buy back up to 25 per cent
of its outstanding shares in the
stock market to prevent a run
'on its stock. It said it was look-
ing far another “appropriate"
major merger partner to replace
Gulf Oil, adding that should it
fail after a short period of time
it would liquidate the company
in an orderly fashion.

Cities Service yesterday filed
its lawsuit in a state court in
Tulsa, Oklahoma, where it has
its headquarters. Tbe suit
alleges misconduct by Gulf in
connection with the friendly
merger agreement signed by
the two companies last June
and accuses Gulf of failing to
employ its best efforts to con- ,
summate the merger as agreed.

Gulf Oil had no initial com-
ment on the Cities Service
lawsuit

Gulf had offered to acquire
Cities Service for $63 a share in
cash and securities but blamed
Federal Trade Commission anti-
trust apposition to tire deal for
Its decision to call off the com-
bination which would have
created a new U.S. oil giant
with annual sales of more than
$40bn.

Before Gulfs announcement
last Friday. Cities Service stock
dropped nearly seven poiirts to
dose at $37}. Tradimi in Cities
Service stock was halted yester-
day morning in New York.

How Gulf Oil shocked Wall
Street. Page 17.

THE Bank of China, China’s
state-owned international bank,
has arranged with the Hong
Kong Government to pay
HKSibn (£96.5rn) for a local
headquarters site in Central
district. Hong Kong. 'Hie build-
ing is expected to cost a further
HKSibn.

The purchase contributed to
an 80-poim fall on the Hang
Seng index.

The Hong Kong Government
is offering “soft” finance for
the purchase and the bank will
pay an initial HK$60m, with
the balance to be met over 13
years at an interest rate of 6 per
cent.

Tbe HK$Ibn price compares
with an estimated HK$L9bn
which the site might have
fetched on tbe open market, but
it is thought that the bank plans
to include a garden in its
design, reducing the area of the
6.700 square metre site avail-
able for commercial develop-
ment.

The Hong Kong Government
had expected the move to be

Hong Kong

HangSutglndex

,B80 Jm Fife I MnJ AmjlH&J Ji*J Jai Aafl

welcomed as a vote of confi-
dence in the Territory's future
prosperity as the UK’s lease on
much of the Territory expires
in 1997. But local doubts about
the deal, coupled with a weaker
Hong .Kong dollar, .contributed
to an 80-point fall in the Hang
Seng index which took the local
stock markets down to a two-
year low.

Hong Kong is estimated to

AEG

Continued from Page 1

AEG, but it clearly has a vital
interest in securing a successful
restructuring through the legal
comooistion proceedings. It has
also said it will gave speedy and
sympathetic hearing To further
AEG applications for loan
guarantees amounting to more
than DM lbn.

Heir Dttrr admitted yesterday
that the company had been
forced to drop Its controversial
survival strategy, AEG-83 after
talks with potential industrial
partners were abandoned.

Both GEC of the UK and
United Technologies of the U.S.
have withdrawn from negotia-
tions.

AEG management had hoped
to push through a far-reaching
restructuring programme, which

would have split the group into
separate companies for capital
goods and household appliances
with the attraction of a strong
outside shareholder for the
dominant capital goods . opera-
tions:

Dr Hans Friderichs, chariman
of the AEG supervisory -hoard
and chief executive of Dresdner
Bank refused to give details of
his bank's exposure. Dresdner
Is the most heavily committed of
the German banks to AEG, but
Dr Friderichs said yesterday
that “tbe earnings power and.
Inner reserves of tbe bank will
be adequate to cover these
write-offs.”

The AEG board's decision will
affect almost every sector of the
West Germany economy.

yield about one-quarter of the
Bank of China's net profits,
which rose 53 per cent last year
to Renminbi 710.6m (£212m).
It is represented in six other
overseas cities, and has a large
domestic branch base.

The Hong Kong stock mar-
kets, already depressed by the :
weakness of the local doHar and
nervousness over the colony’s
eventual future, found several
aspects of the deal worrying.
The payment term for the site
ends before 1997; a term extend-
ing beyond that would have
been interpreted more posi-
tively.

The sale is also reducing
potential Government land-sale
income at a time when its
revenues are under pressure.

Mr John Brem ridge. Hong
Kong's Financial Secretary, yes-
terday discounted as “absolute
lunacy” the market's adverse
reaction to the deal which, he
said, affirmed the mutual
interest of Hong Kong and
China in Hong Kong’s con-
tinuing prosperity.

China deal hits shares, Page 19

Continued from 'Page 1

Dow drops

stock, with a 0.27 fall in the FT
Government Securities index
which closed at 72.39.

Sterling continued its recent
firmness against Continental
currencies, closing in London
against the D-Mark at DM 4.2850,
up 50 points from Friday’s close.
Its . Bank of England trade-
weighted index against a basket
of currencies closed in London
at 90.7, compared witti 9L1 at
Friday’s dose.

The dollar's rise was at the
expense of all the major cur-
rencies. The Italian lira fell to
an all-time low at . the Milan
fixing. L14U.3. although it
closed in London somewhat
higher at L1407-5 compared with
LI 396.5 at Friday’s close.

By Carla Rape port

A SHARE ISSUE yesterday by
Hadson Petroleum Inter-
national proved one of the
biggest flops in j*ecent years,
attracting applications for
only 3 per cent of the 15m
shares put up for sale;'

The bulk of the £12m worth
of shares in the European sub-
sidiary of Hadson Petroleum,
an Oklahoma-based oil and gas
company, have been left with
the sub-underwriters. The hew
company, which will be traded
on the Unlisted Securities
Market has a 7.5 per cent
stake in the promising Humbly
Grove field near Basingstoke,
Hants.

Lazar d Brothers, the mer-
chant bank which advised
Hadson, said yesterday that the
issue may have flopped because
investors were holding out for
the Britoil offer for sale ex-
pected later this year under the
Government's privatisation pro-
gramme. The relatively low
status of tbe USM could also
have put investors off, and the
merchant bank added that the
offer bad been “incredibly dif-
ficult to value.”

Oil shares in the UB. and
the UK have been trading at
steep discounts to their asset
value recently. The Hadson
offer put a substantial premium
on the estimated value of the
company's holding in Humbly
Grave and backed it up. with
the prospect of a discovery on
its Spanish acreage. So far,
work in Spain has yet to pro-
vide any oil or gas flow.

At 80p a share, the market
capitalisation of the company
would have been about £50rn at
the offered price. Dealings in
the shares are to begin next
Friday and analysts expect them
to drop significantly, perhaps to
45p-50p.

Weather

UK TODAY

DRY with sunny periods.
London, S^, E. England,
Midlands

Sunny periods. Max. 22C
(72F).

S.W., N.W. England. Wales
Becoming cloudy later. Max.
20C (68F).

NJ5. England, S. Scotland
Mostly dry. Max. 19C (66F).
S.W. Scotland, N. Ireland
Scattered showers, dying out
Max. 20C (68F). .

Rest of Scotland
Showers, some heavy. Windy.
Max. 16C ffllF).

Outlook: Becoming cooler.

WORLDWIDE

Higher UB. doHar interest
rates and a falling equity,
market on WaB Street once,
again dominated proceedings- in
the London financial markets.
Both equities and gilt-edged
had a poor day" yesterday,'
although— as usual in recent
weeks — gilt-edged looked much
the more resilient. Tbe FT
30-Share Index, reflecting 'the
particular weakness of some
industrial sectors of tbe equity
market, is at a six-month low.

AEG-Telefnnken

AEG-Telefunken has finally
given up the increasingly
desperate search for a magic
solution to tis problems. The
industrial flirtations with GEC
and United Technologies have
come to almost nothing, and for
the banks to inject more funds
on a large scale, as they last did
only two and a half years ago,
would have been to fly in the
face of their duties to deposi-
tors and shareholders.

The solution, which looks
eminently sensible, is for AEG
to file for partial bankruptcy
under German law. Banks and
trade creditors will be asked to
write .off 60 per cent of their
exposure to AEG. There are
three advantages to this proce-
dure. Firstly, it should leave
AEG with a more plausible
balance sheet, giving it a chance
to trade on a more or less
normal basis.

Secondly, in practical - if not
in accounting terms, the write-
offs should not come as a shock
to tbe German banking system
since AEG’s loans Were mani-
festly doubtful debt That this
is so was shown by the rela-
tively small drop yesterday in
the share price of Dresdner
Bank, which has the larged
single exposure to AEG.
Finally, the total bad debt
exposure of the ' banks—
assuming that this reconstruc-
tion, unlike the last one, really
has gone for enough-— should
now be quantifiable. It may
mean no dividends from
Dresdner for a while, but at
least there may be an end to
•this problem.

The major creditors have
presumably agreed to the deal,
but it may take some time to
pull everyone into line. The
need to obtain the consent -of
hundreds of parties to an
arrangement of this fond means
almost inevitably that the
necessary measures are adopted
too late and everyone is the
poorer as a result. In AEG’s
case, also, matters of national
prate were at stake, which
slowed up tiie process even
more. But at least German
law provides a way out for a
lame duck which does not

Index fell 8.4 to 540.4

-STERLING

against the DOLLAR
in London

involve either liquidation or
pubHc ownership. •

Carrington Viyelia

Carrington Viyella’s- first-half
figures confirm the gloomy UK
demand story which has been
heard from textile producers in
the. last few weeks. Against that
background, however, it is.
fairly creditab le to have
improved the UK operating
result by almost £2m. In these
markets, for household textiles
to have traded profitably is a
genuine achievement, while n
further 1,600 redundancies show
that tite new management is still
taking shrinkage seriously. But
this no longer seems to be the
point

Carrington’s attributable loss
is half as bad a^us— at £4-7m
— as in the first half of 1981.
Inevitably, last year's disposal
of a half share in the profitable
South' African company shows
up now as a heavy slug of
minorities; that happens when
a birth-right is sold. This has
gone less predictably wrong in
Consoltex, tbe 49.7 per cent
Canadian associate, which lost
C$4}m in its first half-year.

Carrington’s balance sheet is
not the sort of fortress to with-
stand such things indefinitely.
The last published accounts
showed revenue reserves of
only £2.1m, even that supported
by over £8ra of nonrdistribut-
able property revaluations.
Ordinary shareholders' equity
must now be somewhat less
than the £45m par value of the
shares. At the same time
underlying debt cannot be
much less than £B0m.

The case for an AEG solution
would be irresistible,, if only it
ware- possible. As ft Is, some
form of reconstruction seems
inevitable, in the medium-
term. The 8p share price is
not saying that Carrington is

about- to go unfler— it is not—;,
but it has an eye oti the- pro* . ; _
pects for a reeapiTaliaatibn. !'
With £30m ' or _• £40m of turn iv
equity^-and wwesiwfidifia^.v
lower fixed financing .

Carrington would have a dance f
to show the benefits of * ; -
smaller and " more efficient •
operating structure. t-

it is hard to resist tbecon-* .
elusion that ICTs 49 per-cent ‘
stake has been hindering aay : -r
progress' towards a reconstrmy f
lion. ICX bas enough troubteqf ,
its own at' the moment-^. 1
yesterday it announced : Hal f
plastics and . petrochemfagt .
worldwide Tost . £71m. - pre* J
interest in tbe first six mo&tht4
of this year. Bui it does i ,

a custodial responsibility, which \ .
ought to go beyond complacent j
observations that its associate . \
is pointing in the right direct
tkm. '' ...... l' t .*

Newman Industries _i.l
The capital reorganisation df -
Newman Industries is- tong”
overdue. The company has yet .
to produce 1981 accounts
■' balance sheet was looking very
stretched at. tbe . end of the . ,
previous year and can only •
have deteriorated since then. .
Losses have continued and tire
disposal of its UK ceramics ,
business in February produced '
a hefty book loss. : r „: '"T
So the Midland, Newman's
principal banker, and Cyde and .
Carriage, its major Singapore-
based shareholder, most hive -
thought long and hard about
whether the group was worth •
preserving. At present, its few
successful businesses, particn- j
larly the Avdel companie, ire f
being starved of cash by dis-
asters elsewhere. The group's .
tangible equity is probably. ; .
bobbing around £10m, white ;
borrowings are in the region of :
f 30m. There is clearly no w>y '•
in which- Newman can trade out - . -
of trouble. .

Midland -has presumably • ,
decided to persevere with NMF4
man because institutions Jte ■>
prepared to inject more hard j •'
cash, a commodity which
seemed in short supply during i
the last Stone-Plan erids. {
Details of the reorganisation .
will not be ready urftil next *
month, but It will need to be .
on a large scale if Xcwman U .
to become viable. One institu- . _
tion conspicuous by its absence '
is Equity Capital for Industry .-
tailor-made for this kind of !
operation.. ECI may have { -
looked at the present market .
capitalisation of Newman— 1
£3J2m at last night’s price of Sp
— and done some simple arith-
metic.

Y’day
•midday
•C *Fl

Ajaccio F ZB 79 London S 23 73

M|H6rs F 29 W L.Ang.t C 19 66

Amsdffl. F 21 70 Luxmbg. C 18 64

Adwns S 30 88 Luxor S 40 104

Bahrain — — Madrid S -28 82

Barckis. S ZB 79 Majorca S 29 W

Beirut — — Metope S 26 79

Bella st F 16 61 Malta F 28 82

Belgrd, S 26 79 M’chstr. C 18 64

Berlin 23 73 Meibne. F 19 66
Biarritz F 22 72 Mx. C.t — —
Broghm. C 19 60 Mftmlt S 28 82

Blacfcpf. F 22 72 Milan S 27 81

Bo nix. F 32 72 Montrf.t C 21 70

Bouton. C 20 68 Moscow C 22 72

Bristol F 20 e& Municfi 5 21 70

Brussels R 19 66 Nairobi F 21 70

Budpgt, S 27 81 Naples F 30 86

Car S 34 93 Nwcstl. C 16 61

Cardiff C 20 63 N YorLf C 23 73

Japanese trade surplus forecast to rise

BY DAVE) WHITE IN PARIS

JAPAN’S SURPLUS on the
current account of its balance
of payments could rise from
an annual rate of $3.5bn (£2bn)
in the first half of this year
to .an annual, rate of -$25.5bn
(£15bn) in the second half of
1983. This would exacerbate
trade friction with other indus-
trialised countries, tbe Organ-
isation for Economic Co-opera-
tion and Development warns
today.

In its annual report on the
Japanese economy, published
in Paris, the OECD reckons
that on present trends the sur-
plus could rise faster than the
Japanese Government expects.
Last year the surplus was

$4.8fm after a deficit in 1980.

Exports should recover in
the remainder of this year, the
OECD says, after what appears
to have been a decline in
volume in the -first- -half, --It
may accelerate next year with
small gains in market shares.

Import volumes are expected
to drop slightly by the year’s
end and to show moderate
growth in 1983.

Japan’s trade surplus is
expected to rise slightly from
$20bn in 1981 to {22bn this
year, before soaring to
$37.75 bn next year.

This assumes that world
trade picks up as expected,
that the yen remains at its

current level and that no more
import harriers are erected by
Japan's partners. AH of these,
the OECD makes clear, are
uncertain presumptions.

- —“A -substantial . increase in.
the surplus would .be celarly un-
desirable as it would exacerbate
protectionist measures abroad
in a context of rising unemploy-
ment in most (OECD) member
countries," it warns.

The report focuses on the
“major problem" of the yen,
wh.!ch has failed to rise in line
with the improvement in the
economy. But barring a big and
sustained • fall in 'U.S. interest
rates — the main factor behind
capital outflows from Japan— it

sees little scope for action on
the exchange rate.

A more restrictive monetary
stance and high interest-rate
policy would have the major
-idsadvatange. of depressing
domestic demand, especially
small company investment and
ho useful] dug, it says. -

This would be at a time when
economic activity is set to re-
cover gradually between now
the end of next year.

The OECD forecasts that
Japan's economic growth rate,
after declining from 3 per cent
to 2 perc ent this year, will rise
to 4 per cent next year, reach-
ing an annual rate of 4.75 per
cent by the end of the year.

Caa'b'u

S

24

75; Nice

S

27

81

Cape T.

F

17

631 Nicosia

s

31

88

Chicg.t

S

IS

61 Opono

s

31

88

Cetogfla

c

21

70 Oslo

F

24

75

Cnphgn.

c

22

72 Paris

c

19

66

Corfu

F

29

84 Perth

s

15

59

Denvsrf

C

19

68 Prague

R

20

68

Dublin

R

15

59 Rykjvk.

C

10

50

Dbrvnk.

R

21

70 Rhodes

—

—

EdFtbgh.

C

19

66 RtoJ'ot

—

—

Faro

S

31

88 Roma

s

28

82

Horenra

F

30

88 Salzgrg.

c

T9

66

Frankft.

-,c

23

73 S'dscot

Funchal

s

2*

75 Singapr.

R

27

81

Geneva

F

24

75 S’ragot

—

—

Glbritr.

S

23

73 Stchhm,

c

23-

73

Gl’so'w

F

19

68 5trasbg.

F

25

77

G’maejr

S

18

64 Sydney

S

20

66

Hafeinki

8

23

73 Tangier

s

29

84

H. Kong

F

32

90 Tal Aviv

s

28

82

Innsbric.

C

20

• 68 Tenerife

s

28

82

Invmas.

c

17

.63 [Tokyo

s

26

82

I.o. Man

c

15

59 TV mot

F

18

6 «

Istanbul

s

30

88 Turria

5

26

79

Jersey

s

20

68 Valencia

s

29

84

Jo'biuo

s

17

63 Venice

s

28-

82

L. Pirns.

s

28

79 Vienna

F

75

77

Lisbon

s

32

90 Warsaw

F

31

88

Locarno

F

25

77 (Zurich

F

21

70

C— Cloudy.

F— ■ Fair, Fg — Fog. H— Hail.

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that make sound financial sense.

The broad Tokai networic spans five continents. And at offices around the world Total
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service, but a concerned international business partner as welL
" Tokai Bwik. .1aldi^daige. - ■

® TOKAI RANK

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